New Delhi, Nov 1 (KNN) The central government has formed a three sub-panel to evaluate the proposals received under the India Semiconductor Mission (ISM), reported the Economic Times.

The people who are aware of the matter told ET that the government aims to approve the first applications “soon”.

Under ISM’s USD 10 billion package five consortiums—including Vedanta-Foxconn, Next Orbit Ventures-Tower Semiconductor (now owned by Intel) and Rajesh Exports have applied for incentives.

To set up semiconductor fabrication units they are awaiting official sanction.

One of the sub-committees that will hone the proposals constitutes members from the Ministry of Electronics and Information Technology (MeitY) and the Industrial Finance Corporation of India (IFCI).

From the ranks of the National Investment and Infrastructure Fund (NIIF) have been drawn for the second committee.

The third sub-committee has been formed out from the 21-member expert group of the ISM and includes three domain experts.

The committees are evaluating the proposals on criteria including financial viability, technical expertise and financing capabilities of the partners, among other aspects.  (KNN Bureau)