A Memorandum of Understanding (MoU) was signed on Friday between Guidance Tamil Nadu and the Singapore-based M/s. IGSS Ventures Pte Ltd, in the presence of Chief Minister M.K. Stalin, for establishing a 300-acre semiconductor high-tech park in the State with an investment and grants of ₹25,600 crore.
Industries Minister Thangam Thennarasu, Chief Secretary V. Irai Anbu and senior officials were present at the event held at the Secretariat. The project is aimed at providing direct employment to over 5,000 people in the next five years, an official press release said.
IGSS Ventures has planned to be part of the India Semiconductor Mission and Project Surya, aimed at reducing air pollution and global warming by cooking with renewable sources.
“Tamil Nadu has allocated nine strategic sites, including two in the vicinity of Chennai, to house a semiconductor fab that will be producing three technology nodes of wafers, ranging from 28nm, 45 nm and >=65 nm, and an industry ecosystem infrastructure that hosts semiconductor circuit designers, material suppliers, equipment suppliers, and outsourced semiconductor assembly and test players,” IGSS Ventures said in a release.
The consortium plans to start commercial production in two years with an employment potential for 1,500 semi-skilled and skilled persons, it said. The high-tech park would “potentially see additional employment of 25,000 people with jobs generated by the ecosystem partners with an estimated investment of around ₹76,000 crore”, it said.