The Maharashtra Cabinet panel on 5 September, 2024, approved a Rs 839.47 billion investment proposal by the Tower Semiconductor-Adani Group joint venture (JV) to establish a semiconductor chip manufacturing plant in Panvel, Raigad district. The facility, located in Taloja, will have an initial capacity of 40,000 wafer starts per month (WSPM) in the first phase, with plans to expand to 80,000 WSPM in subsequent phases.
The first phase will involve an investment of Rs 587.63 billion, with an additional Rs 251.84 billion allocated for the second phase. A joint application by Israel’s Tower Semiconductor and Adani Group is currently under review by the India Semiconductor Mission (ISM) and the IT Ministry.
If approved, this would be India’s second semiconductor manufacturing facility, following a similar project in Dholera, Gujarat. Additionally, the Union Cabinet recently approved a Rs 33.07 billion outsourced assembly and testing unit by Mysore-based Kaynes Semicon, as part of efforts to develop India’s semiconductor ecosystem, with projects in Gujarat and Assam amounting to Rs 1.5 trillion in cumulative investment.