$12 billion chip unit coming up in India

By agencies   |   Monday, 27 June 2005, 07:00 Hrs
Printer Print Email Email
HYDERABAD: Nano-Tech Silicon India Pvt Ltd (NSTI) will set up a mega semi conductor fab facility soon in Andhra Pradesh. In the next 60 days the company has plans to complete the first round of financing and finalize a technology partner.

Dr P. June Min, one of the main promoters of NSTI announced that the financing would include $64-72 million equity; $116-130 million debt and a $150-million construction fund. The technology partner will invest up to 20 percent of the total equity of $160 million. He also said that Indian contribution of the total investment would be around $ 310 million.

Answering to, whether or not IBM would join as one of the partner, Min said, "The chances are less than 50 percent now." The company is on a survey for both industrial investors and technology partners.
NTSI which incorporates by seed financing; with Dr Min investing 60 percent of the equity, the Andhra Pradesh Industrial Infrastructure Corporation 20 percent and private investors— Jai Ramesh and M. Prabhakara Rao, 20 percent each.

A press release from NTSI stated that, one of the leading Indian companies could invest up to 25 percent of the total equity of $160 million. A leading Indian bank has accepted to syndicate $290-million debt financing. It also informed that the demand for semi-conductor products reached $ 1.2 billion by the end of last year. NTSI is expected to contribute $210 million to the domestic product of Andhra Pradesh.


SPOTLIGHT
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..