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Business News/ Companies / SemIndia Inc to delay India plant by 3 yrs

Bangalore: SemIndia Inc., which plans to build a $3 billion (Rs11,910 crore) semiconductor manufacturing plant in India with Advanced Micro Devices Inc., said it will delay the start of production by three years to raise funds for its construction. SemIndia will need as long as a year to find the money for the factory which may cost more than $3 billion, B.V. Naidu, head of Indian operations, said on Monday.

“Due to the changing market scenario, we are in close contact with all our potential investors," Naidu said. He declined to elaborate. Sunnyvale, California-based Advanced Micro, which agreed to provide the chip-making technology, and Flextronics International Ltd had earlier said they may buy stakes in SemIndia.

The global chip industry may grow less than previously expected because of “uncertainty" over the world economy, Taiwan Semiconductor Manufacturing Co. chief executive officer Rick Tsai said last month. The Hsinchu, Taiwan-based company, the world’s largest custom-chip maker, provides a gauge for the industry as its chips are used in a range of electronics products.

Companies that plan to set up chip-manufacturing plants and factories for making solar cells have agreed to invest $7 billion in India over 10 years, Jairam Ramesh, Union minister of state for commerce, said on Monday. He didn’t provide details. India is trying to attract more investments in manufacturing to create jobs and spur economic growth.

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Updated: 19 Feb 2008, 01:19 AM IST
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