Singapore-based IGSS Ventures on Friday signed Rs 25,600 crore Investment MOU with the Tamil Nadu government for setting up a semiconductor park.
According to the MOU, in the next five years IGSS Ventures will invest Rs 25,600 crore in establishing high tech semiconductor park there by providing direct employment to 1,500 persons.
Apart from direct employment, IGSS Ventures will also provide indirect employment to 25,000 persons through various projects such as circuit designers, vendors selling manufactured products, vendors selling secondary products and outsourcing and testing semiconductors, which will be present inside the proposed park.
Apart from that IGSS Ventures in the name of Project ‘Suria’ will establish semiconductor fabs and for the purpose has applied under National Semiconductor Mission of the Union government.
IGSS Ventures is a group of companies involved in Semiconductors and its sister concerns innovative global solutions and services pvt ltd, IGSS GaN, Compundtech pvt ltd are involved in Semiconductor research and in establishing semiconductor fabs.
It is to be noted after DMK government taken charge the southern State netted ₹1,43,902 crore worth investments during April-December 2021
Tamil Nadu has emerged as the most attractive investment destination in the first nine months of FY22.
The State is the highest net gainer in terms of investment during April to December 2021. The State attracted investment worth ₹1,43,902 crore during this period against ₹36,292 crore in the same period last year — a net gain of ₹1,07,610 crore.
Gujarat came second with a net gain of ₹77,892 crore and Telangana third (₹65,288 crore), says a report by Projects Today.