Two Major Semiconductor Projects Get Land Near Noida Airport

ENA Sectors 2024-08-23 15:08:37 Noida, Aug 23 (KNN) In a significant boost to India's semiconductor manufacturing ambitions, the Uttar Pradesh cabinet has granted in-principle approval for the allocation of land to two major technology companies, HCL and Kaynes Technology, for establishing semiconductor manufacturing units near the Noida International Airport. Both companies will receive 50 acres each in YEIDA (Yamuna Expressway Industrial Development Authority) Sector 10, in close proximity to the Noida International Airport. The combined project is expected to attract an investment of over Rs 8,000 crore and generate employment for more than 5,000 people. The next crucial step is obtaining approval from the Central government under its scheme to promote semiconductor manufacturing. Vama Sundari Investments (Delhi) Private Limited (VSIPL), a major promoter of the HCL Group, will collaborate with Foxconn Hon Hai Technology India to establish an Outsourced Semiconductor Assembly and Test (OSAT) facility. VSIPL will hold a 60 per cent stake in this joint venture. The HCL-Foxconn facility aims to produce small panel driver ICs and display driver integrated circuits (DDIC) with an annual capacity of 2.4 lakh units. The facility will require 2,000 MLD of water with an 85% recycling efficiency. The estimated expenditure over five years is Rs 3,706.1 crore, and a technology transfer agreement is expected to be finalized by September 2024. This announcement follows a similar land reservation of 125 acres for Hiranandani Group's Tarq Semiconductors in YEIDA Sector 28, which is also awaiting central approval. YEIDA CEO Arun Vir Singh confirmed that letters of comfort were issued to both companies in May 2024, followed by meetings with company representatives and government officials from the IT and electronics department in July. This move aligns with both Central and Uttar Pradesh government policies aimed at supporting and promoting the semiconductor industry in India, recognizing the sector's significant potential for technological advancement and economic growth. As these projects move forward, they are expected to play a crucial role in establishing India as a key player in the global semiconductor manufacturing landscape. (KNN Bureau) 39046 https://knnindia.co.in/news/newsdetails/sectors/two-major-semiconductor-projects-get-land-near-noida-airport 2024-08-23 15:08:37 knnindia.co.in Two Major Semiconductor Projects Get Land Near Noida Airport