India approves $10 billion semiconductor investment plan Foxconn intends to set up a factory

According to Reuters, India's technology minister said on Wednesday (15th) that India has approved a $10 billion stimulus package to attract investment from semiconductor manufacturers and display manufacturers as part of an effort to build a global electronics production center.

Government sources told Reuters that Israel's Tower Semiconductor, Apple's foundry maker Foxconn and a Singapore consortium all expressed interest in setting up factories in India.

New Delhi has also approved a design-related incentive program to encourage 100 local companies to work on semiconductor design of integrated circuits and chipsets. Tata Group, one of India's largest conglomerates, is also involved in the business and is in talks with 3 states to invest up to $300 million to build a semiconductor assembly and testing division.

(Proofreading/Jouvet)