IGSS Ventures to invest over Rs 25,000-crore in Tamil Nadu chip project

IGSS Ventures, the Singapore-based technology investment holding company that enables development and commercialising of hybrid semiconductor technologies, on Friday signed a memorandum of understanding (MoU) with Tamil Nadu government to set up a semiconductor high-tech park in the state. The company will be investing Rs 25,600 crore in the project in the next five years, generating direct employment for 1,500 people.

The MoU with IGSS Ventures comes close on the heals of Tamil Nadu government’s efforts to bring in Foxconn into semiconductor manufacturing space. Officials from Guidance, the nodal agency for attracting foreign investments into the state, recently held meeting with Young Liu, chairman, Foxconn in Delhi to discuss the company’s expansion plans in electronic segment in Tamil Nadu and its entry into emerging sectors such as EV and semiconductors.