Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / India’s chip-maker to make semiconductors for mobile phones
BackBack

India’s chip-maker to make semiconductors for mobile phones

India's chip-maker to make semiconductors for mobile phones

Premium

By C Somayaji and G Chakravorthy/Bloomberg

Bangalore: Hindustan Semiconductor Manufacturing Corp., an Indian chip-manufacturer, plans to make chips for mobile-phones when it sets up factories in India, the world’s fastest growing wireless market.

The company will select a location for one of the manufacturing sites within three to four weeks, Deven Verma, chairman of Hindustan Semiconductor, said in a televised interview on 4 April in Mumbai.

Hindustan Semiconductor, founded by a group of Indians based in California, plans to invest as much as $4.5 billion (Rs19,318 crore) in two manufacturing plants in India. The company will license technology from Infineon Technologies AG, Europe’s fourth- biggest maker of semiconductors, Verma said.

India last month began offering a package of incentives for chipmakers, including interest-free loans and subsidies, as it seeks to attract as much as $5.5 billion in investments for chip and electronics factories over three years.

Subsidies will be provided for as much as 25% of the capital needed for companies in the first 10 years, Dayanidhi Maran, India’s federal minister for communications, said on 22 February. The incentives came into effect on 21 March.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 04 Apr 2007, 10:25 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie