On Friday, Deputy Chief Minister Devendra Fadnavis of Maharashtra announced on X (formerly Twitter) that Adani Group and Tower Semiconductor will invest $10 billion to establish a semiconductor plant in Panvel, a city in Maharashtra.
Initially, the two companies plan to invest 587.6 billion rupees ($6.9 billion) to produce 40,000 semiconductor wafers per month. They also plan to invest the remaining funds to expand the production capacity to 80,000 wafers per month.
Fadnavis mentioned that they are awaiting approval from India's semiconductor incentive program, and expressed hopes that the plant will create 5,000 new jobs once completed.
If the plant's establishment is approved, it will be the sixth semiconductor manufacturing plant in India.
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