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Three Bengaluru-based member-companies of the India Electronics and Semiconductor Association (IESA) have committed to invest ₹2,950 crore into manufacturing in India.
The investments have been approved under the Government’s Modified Special Incentive Package Scheme (M-SIPS), aimed at promoting large-scale manufacturing, to offset disability and to attract domestic and global investments into the ESDM sector.
Tessolve Semiconductor Pvt Ltd is investing ₹750 crore to set up an ATMP (Assembly/ Test/ Mark/Pack) plant. “Our company was the first to sign up for investment under M-SIPS. We are in the process of raising funds and will set up the plant in Karnataka in 15 months,” V Veerappan, co-founder & director, Tessolve Semiconductor, said.
Bosch Automotive Electronics India Pvt Ltd has received an approval for an investment of ₹500 crore under M-SIPS. Managing Director Panduranga Prabhu said, “We have M-SIPS approval for ₹500 crore of which we have already invested ₹300 crore.”
Tejas Networks, which plans to invest ₹1,700 crore in telecom equipment manufacturing has received an approval of ₹760 crore of investment.
The company will invest ₹360 crore in phase one and ₹400 crore in phase two and, then, the rest subsequently, said Sanjay Nayak, CEO of Tejas Networks.
“The Government has received 54 project proposals worth investments of $3 billion, of which 28 project proposals worth investments of $1 billion have been approved, said Ashok Chandak, Chairman, IESA and Senior Director, NXP Semiconductors.
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