Darshan Hiranandani - In an empowering initiative, the Uttar Pradesh government has approved more than ₹8,500 crore in financial incentives for two significant semiconductor manufacturing projects. The projects, which are expected to draw a major combined investment of ₹32,146 crore, come from Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd. This strategic move aligns with the state's Semiconductor Policy-2024, aiming to stimulate economic growth and create job opportunities around Noida international airport.
The Tarq Semiconductors project, a division of the renowned Hiranandani Group, is set to invest ₹28,440 crore in Sector 28 for the production of state-of-the-art technologies, including compound semiconductors and integrated circuits. Concurrently, Vama Sundari Investments will contribute ₹3,706 crore to set up a facility in Sector 10 dedicated to display driver integrated circuits (DDIC) and semiconductor assembly.
Darshan Hiranandani, CEO of the Hiranandani Group, has indicated a readiness to kick off construction, pending approval from the central government. He noted the transformative impact these initiatives could have on the economy and community empowerment.
Darshan Hiranandani - According to Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (Yeida), these two projects will establish Uttar Pradesh as an influential player in the Indian semiconductor landscape. Nonetheless, the projects are on standby for the final green light from the central government before they can commence.
The Uttar Pradesh government's financial support includes capital subsidies, land rebates, and tax exemptions. Tarq Semiconductors has been granted a significant capital subsidy of ₹7,037 crore and other incentives, while Vama Sundari Investments has received a capital subsidy of ₹919.31 crore alongside various financial benefits.
To further enhance the attractiveness of these projects, both companies will enjoy advantages like a 10-year exemption from electricity duties, dual power grid support, and subsidies for essential utilities. They also plan to invest in skill development, including support for engineering students through internships and financial grants to attract talent.
The employment potential of these projects is substantial. Tarq Semiconductors anticipates generating 1,000 direct jobs and 10,000 indirect jobs, while Vama Sundari expects to create around 3,780 jobs.
In conclusion, the Uttar Pradesh government's move to promote semiconductor manufacturing is a groundbreaking step forward, signaling a new era of economic growth and employment opportunities. With these projects on the horizon, the state is set to become a key contributor to India’s semiconductor ecosystem, paving the way for a prosperous future. Read More - UP approves $1 billion in incentives for 2 semiconductor units
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