Adani Group and Tower Semiconductor to Establish $10B Chip Unit in India

Indian ports-to-power conglomerate Adani Group has partnered with Israel's Tower Semiconductor to invest $10 billion to set up a chip manufacturing unit at Taloja, near Mumbai.

The announcement was made by Devendra Fadnavis, deputy chief minister of the state of Maharashtra, in a post on X. Around $7 billion would be invested in phase one of the project and the rest in the second phase.

The project is intended to have a monthly production capacity of 40,000 wafers in the first phase and 80,000 wafers in the second phase. It will generate over 5,000 jobs. However, the deputy chief minister didn't share a timeline of the project.

Interestingly, India's largest business, Reliance Industries, was in the news some time ago for being in talks to acquire Tower Semiconductors. Last year, Intel was also in discussions to acquire Tower Semiconductors before mutually terminating the acquisition. 

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