Cabinet approves ₹3,300 crore Kaynes ATMP chipmaking plant in Gujarat

The Union Cabinet chaired by Prime Minister Narendra Modi approved Kaynes Semicon Pvt. Ltd plans to set up its Kaynes ATMP semiconductor unit in Sanand, Gujarat, on Tuesday, September 2.

Anubhav Mukherjee
Published2 Sep 2024, 03:40 PM IST
Cabinet approved Kaynes Semicon Pvt. Ltd plans to set up its Kaynes ATMP semiconductor unit in Sanand, Gujarat.
Cabinet approved Kaynes Semicon Pvt. Ltd plans to set up its Kaynes ATMP semiconductor unit in Sanand, Gujarat.

The Union Cabinet chaired by Prime Minister Narendra Modi approved Kaynes Semicon Pvt. Ltd plans to set up its Kaynes ATMP semiconductor unit in Sanand, Gujarat, on Tuesday, September 2. The project is estimated to be set up with an investment of nearly 3,300 crore, according to the government's press release.

The semiconductor plant will have a capacity of 6.3 million chips, or more than 60 lakh chips manufactured daily. The project will cover an area of 46 acres, and the land has been acquired in Sanand, Gujarat.

Also Read | L&T aims to become first Indian semicon chip maker in global market: CEO

“Chips produced in this unit to cater to a wide variety of applications which include segments such as industrial, automotive, electric vehicles, consumer electronics, telecom, mobile phones, etc,” according to the press release.

This move from the government comes as a step towards India's Semiconductor Mission. The government's Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India plan was notified in December 2021, with a total outlay of 76,000 crore, according to the press release.

Also Read | Govt says India’s semiconductor market to cross $100 billion by 2030

The cabinet approved the first proposal to set up a semiconductor plant in Sanand, Gujarat, in June 2023. In February 2024, the cabinet approved three semiconductor units: a Tata Electronics unit in Dholera, Gujarat, and one in Morigaon, Assam. CG Power is also setting up a semiconductor unit in Sanand, Gujarat, according to the Cabinet press statement.

The government highlighted the semiconductor unit's cumulative capacity of making nearly 7 crore chips per day. These four units are to bring an investment close to 1.5 lakh crore, as per the press release.

 

Also Read | First 100 days crucial, green energy, semiconductor focus likely: LICMF CEO Jha

“Construction of all 4 semiconductor units is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the units. These 4 units will bring an investment of almost 1.5 Lakh crore. The cumulative capacity of these units is about 7 crore chips per day,” according to the Cabinet's press release on Tuesday, September 2.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:2 Sep 2024, 03:40 PM IST
Business NewsIndustryManufacturingCabinet approves ₹3,300 crore Kaynes ATMP chipmaking plant in Gujarat

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Bandhan Bank share price

    211.00
    03:51 PM | 11 OCT 2024
    23.25 (12.38%)

    Tata Steel share price

    160.70
    03:51 PM | 11 OCT 2024
    1.05 (0.66%)

    Axis Bank share price

    1,174.25
    03:29 PM | 11 OCT 2024
    -9.5 (-0.8%)

    Zee Entertainment Enterprises share price

    130.10
    03:55 PM | 11 OCT 2024
    0.7 (0.54%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Cummins India share price

    3,611.75
    03:55 PM | 11 OCT 2024
    -169.6 (-4.49%)

    Star Health and Allied Insurance share price

    547.85
    03:59 PM | 11 OCT 2024
    -19.35 (-3.41%)

    Creditaccess Grameen share price

    1,081.40
    03:29 PM | 11 OCT 2024
    -38 (-3.39%)

    Jubilant Pharmova share price

    1,146.15
    03:55 PM | 11 OCT 2024
    -37.65 (-3.18%)
    More from Top Losers

    Nippon Life share price

    700.85
    03:53 PM | 11 OCT 2024
    59.15 (9.22%)

    Network 18 Media & Investments share price

    81.44
    03:52 PM | 11 OCT 2024
    5.16 (6.76%)

    Sonata Software share price

    608.50
    03:42 PM | 11 OCT 2024
    36.1 (6.31%)

    Triveni Turbines share price

    790.10
    03:29 PM | 11 OCT 2024
    45.85 (6.16%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      77,685.00260.00
      Chennai
      77,691.00260.00
      Delhi
      77,843.00260.00
      Kolkata
      77,695.00260.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.75/L-0.01
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00

      Popular in Industry

        HomeMarketsloanPremiumMint Shorts