IGSS Ventures signs MoU with Tamilnadu – Investing in Semiconductor High-Tech Park
07 July 2022: IGSS Ventures, the Singapore-based technology investment holding company that enables development and commercialising of hybrid semiconductor technologies, signed a memorandum of understanding (MoU) with Tamilnadu 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. According to the MoU, IGSS Ventures will also provide indirect employment to 25,000 persons through various projects such as circuit designers, vendors selling manufactured products, vendors selling secondary products and outsourcing and testing semiconductors, which will be present inside the proposed park.
IGSS Ventures is a technology investment holding company focused on addressing today’s most challenging, high-impact problems. As a ‘one-stop’ semiconductor solutions hub, they enable the development and commercialising of disruptive hybrid semiconductor technologies that go beyond Moore’s Law.
Founded by industry leaders with over 300 years of combined experience, they bring real-world know-how in sectors where they have leading domain expertise. From Advanced ICT to Smart Mobility to Advanced Manufacturing and Operational Services in plant, factory and fab efficiencies, they guide their portfolio companies in creating new realities that make the world a better place.
The MoU with IGSS Ventures comes close on the heels of Tamilnadu 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 a 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.
The group is planning to set up the hi-tech park and a semiconductor fab unit in a land spread across 300 acres. The unit is expected to come up at Vallam Vadagal in neighbouring Sriperumbudur district.