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Govt approves Micron Semiconductor's proposal to set up SEZ
Economic Times
·
2m ago
Medial
The Indian government has approved proposals by Micron Semiconductor Technology India and Aequs Group to establish Special Economic Zones (SEZs) for semiconductor and electronic component manufacturing. Micron's facility in Sanand, Gujarat, will cover 37.64 hectares with a Rs 13,000 crore investment. Aequs's SEZ in Dharwad, Karnataka, will span 11.55 hectares, investing Rs 100 crore. Rule amendments have reduced the required land area and allowed domestic supply after tax, fostering investment and high-tech job creation.
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Govt asks Israel’s Tower to rework chip fab proposal
Economic Times
·
1y ago
Medial
The Indian government has requested Tower Semiconductor to revise its proposal for establishing a chip fabrication unit in India. The government wants the Israeli company to partner with a technology firm that can offer advanced nodes for manufacturing. Currently, Tower Semiconductor's proposal only includes a plan for 180 nm nodes, while the government desires partners for nodes such as 28 nm, 40 nm, 55 nm, and 65 nm. Additionally, the government wants more information on the proposed uptake for the finished product, as the demand for 180 nm and above analogue nodes is declining globally.
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Govt Kicks Off Disbursal For Micron, Tata And Others Under Semiconductor Scheme
Inc42
·
1y ago
Medial
The disbursement process has begun for Micron, with others like Tata to follow. The Ministry of Electronics and Information Technology (MeitY) is collecting their details for disbursement purposes, according to MeitY secretary S Krishnan. He mentioned that Micron should be able to start manufacturing by December next year. The two companies will receive 50% of the cost incurred in setting up units on a quarterly basis under the modified assembly, testing, marking and packaging scheme.
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Union Cabinet approves Kaynes Semicon's Gujarat chip unit proposal
Economic Times
·
11m ago
Medial
The Union Cabinet has approved Kaynes Semicon Pvt Ltd's proposal to establish a semiconductor unit in Sanand, Gujarat. Initially planning to set up in Telangana, Kaynes will now invest ₹3,300 crore in Gujarat. The unit will produce chips for industrial, automotive, consumer electronics, telecom, mobile phones, and electric vehicles. This move is part of a larger effort to develop a strong semiconductor ecosystem, with three other units already approved for construction in Gujarat and Assam, amounting to an investment of approximately ₹1.5 lakh crore and a combined capacity of seven crore chips per day.
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Apple In Talks To Source Made-In-India Chips By Tata, Micron For Its iPhones
Inc42
·
11m ago
Medial
Apple is engaging in discussions with chip manufacturers, including Micron and the Tata Group, to establish plants in India and procure supplies worth $12 billion for iPhones produced in India. Micron and Tata Electronics have recently received approval to set up semiconductor units in Gujarat. Apple's production of iPhones in India is also on the rise, with India accounting for approximately 14% of Apple's overall production in FY24.
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Micron to get $6 billion from US govt for domestic chip factories
Livemint
·
1y ago
Medial
Micron Technology is expected to receive over $6 billion in grants from the US Commerce Department to support its domestic factory projects. The grants are part of an initiative to bring semiconductor production back to the US. Micron, the largest US maker of computer memory chips, is building factories in New York and Idaho. The award, which is yet to be finalized, could be announced as early as next week. In addition to the grants, it is uncertain whether Micron will also seek loans available through the 2022 Chips and Science Act.
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Karnataka seeks Centre's support for semiconductor investments akin to Gujarat
Economic Times
·
1y ago
Medial
Industries & Infrastructure Minister MB Patil is seeking similar support for semiconductor investments in Karnataka as Gujarat has received for Micron Technology's project. Micron, a US chipmaker, has pledged a $2.75 billion investment to set up a plant in Gujarat, receiving a 50% subsidy from the central government and 20% incentives from the state government. Patil plans to meet with Heavy Industries Minister HD Kumaraswamy to request equal treatment for Karnataka. IT/BT Minister Priyank Kharge had downplayed Micron's investment, questioning the level of investment coming from Gujarat.
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GACM Technology board approves QIP issue of up to Rs 200 cr
Economic Times
·
1m ago
Medial
GACM Technology's board has approved a proposal to raise up to Rs 200 crore through qualified institutional placements (QIP). The funds will be raised in one or more tranches, subject to necessary approvals. Additionally, the board finalized a share swap agreement for acquiring stakes in MSIL (16%) and WeXL Edu Pvt Ltd (30%). The acquisition of a stake in WeXL Edu represents a strategic milestone, furthering GACM's evolution as a diversified technology group.
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Micron to roll out first India-made chips by early 2025—for global markets
Livemint
·
1y ago
Medial
Micron Technology Inc.'s unit in Gujarat, India, is set to produce the first semiconductor chips in the country by the first half of 2025. However, the majority of these chips will be exported rather than serving domestic demand. Micron India's managing director, Anand Ramamoorthy, stated that the chips could be used in various sectors, including data centers, smartphones, notebooks, and IoT. Micron is also exploring opportunities in electric vehicles and government contracts unique to the Indian market. Additionally, the company is in discussions with vendors to establish semiconductor supply chains in India and may collaborate with Tata Group companies. Micron plans to generate 5,000 direct and 15,000 indirect jobs over the next few years.
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LIC-owned Integra Essentia approves amalgamation of GG Engineering | Mint
Livemint
·
1y ago
Medial
Integra Essentia shares, a penny stock owned by LIC of India, are set to gain attention as the company board approves the amalgamation of GG Engineering Ltd. The proposal will see Integra Essentia issue 48 shares for every 100 shares of GG Engineering. The amalgamation aims to create economic value, reduce finance costs, improve profitability, and provide resources for business growth. The companies plan to achieve synergies, cost savings, and improved financial performance through the merger. The robust financial stability of the combined entity presents opportunities for organic and inorganic growth. LIC's significant shareholding in Integra Essentia gives it influence over the amalgamation's outcome.
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Oberoi Realty Board approves plan to raise ₹6,000 crore | Mint
Livemint
·
10m ago
Medial
- Oberoi Realty's board approves a proposal to raise up to ₹6,000 crore through various means. - The company aims to use the funds for strategic expansion and growth opportunities. - Oberoi Realty sold properties worth ₹1,067 crore in the previous fiscal year. - The company received approval to acquire Nirmal Lifestyle Realty by paying ₹273 crore to its creditors. - In Q1 of FY25, Oberoi Realty reported a 54.42% increase in revenue and an 81.73% increase in profit year-on-year. - Selling, general, and administrative expenses decreased by 6.16% quarter-on-quarter but increased by 10.05% on a year-on-year basis.
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