The projects by Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd are expected to bring in a total investment of ₹32,146 crore.
The Uttar Pradesh government has approved over ₹8,500 crore in financial support for two semiconductor manufacturing projects under its Semiconductor Policy-2024. This move aims to boost growth and create job opportunities near the Noida International Airport, officials said. The projects proposed by Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd are expected to bring in a total investment of ₹32,146 crore, they added.
“These facilities will make Uttar Pradesh an important part of India’s semiconductor industry,” said Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (Yeida). However, both projects still need final approval from the central government before they can begin, officials added.
“The UP government has given Letters of Comfort to both companies, outlining the incentives under the Semiconductor Policy. These incentives, including capital subsidies, land rebates, and tax exemptions, will only be provided once the projects get approval from the central government.
Tarq Semiconductors has been granted a capital subsidy of ₹7,037 crore, a 75% discount on land costs worth ₹321 crore, and 100% exemptions on stamp duty and registration fees totaling ₹30 crore. Vama Sundari Investments has been given a capital subsidy of ₹919.31 crore, a land rebate of ₹124.37 crore, and stamp duty exemptions of ₹1.16 crore,” Singh said.
Yeida officials also mentioned that both companies will receive additional benefits, such as a 10-year exemption from electricity duty, dual power grid support, and subsidies for water and power usage. There will also be a special fund for skills training and workforce development, which includes annual internships for 500 engineering students and a ₹1 crore grant to attract talent for each unit. According to officials, the projects are expected to create significant employment opportunities.
Tarq Semiconductors plans to create 1,000 direct jobs and 10,000 indirect jobs, while Vama Sundari Investments aims to generate 3,780 direct and indirect jobs. Their location near the Noida international airport is considered a key advantage to help integrate Uttar Pradesh into India’s growing semiconductor industry.
In response, Darshan Hiranandani, CEO of the Hiranandani Group, mentioned they are ready to start construction, saying, “We just need the final approval from the Government of India, which is the last step, and we will begin work as soon as we get it.” With Darshan Hiranandani's wealth and vision, these projects are set to make a lasting impact on the semiconductor industry in India.
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