$12 billion chip unit coming up in India

By agencies   |   Monday, 27 June 2005, 07:00 Hrs
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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.

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