Fab City receives investment worth $7 bn: Jairam Ramesh

Fab City receives investment worth $7 bn: Jairam Ramesh
PTI
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First Published: Mon, Feb 18 2008. 04 09 PM IST
Updated: Mon, Feb 18 2008. 04 09 PM IST
Bangalore: The government has received seven “confirmed investments” to the tune of $7 billion at the Fab city project at Hyderabad, Union Minister of State for Commerce Jairam Ramesh said on Monday.
“We have also received five investments that have been approved in principle’ close to a billion US Dollar for a 10 year tenure,” he said at the inaugural function of Vision Summit 2008, organised by the India Semiconductor Association.
Apart from this, the government has also received three proposals for projects outside Fab City and were under “active consideration, he said.
Mukesh Ambani’s Reliance group had also “expressed intent” in setting up of Solar Photo Valtic Manufacturing Facility at Jamnagar. “They have not made any formal application, they have only expressed their interest”, he said adding investment was expected to be over $5 billion.
Giving details of the investments received after the announcement of the semi conductor policy, he said the seven confirmed investments, include Sem India ($3 bn) Solar Semiconductor Industries ($1 bn), Title Energy ($750 million), Nanotech Silicon India ($2 billion), Exel Telecom and Energy ($75 mn), KSK Energy Ventures ($70 mn) and Embedded IT Solutions ($5 mn).
The five investments, which have been approved in principle, include Chandradeep Solar, Neotech Solutions, Photon Energy Systems, Surana Ventures and Rama Taro Solars. All these investments amount to $800 mn, said he.
Those under active consideration were Videocon ($250 mn) Moserbaer ($2 bn) and Hindustan Semiconductor Manufacturing Company ($1 bn).
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First Published: Mon, Feb 18 2008. 04 09 PM IST