Chennai: A new semiconductor high-technology park at an investment of Rs 25,600 crore spread over the next five years, would be set up in Tamil Nadu by Singapore-based group IGSS Ventures, the state government said on Friday.
A Memorandum of Understanding (MoU) with Guidance Tamil Nadu and the top executives of the company was signed in the presence of Chief Minister M K Stalin and Minister for Industries Thangam Thennarasu at the Secretariat in Chennai.
Guidance Tamil Nadu is a nodal agency set up by the state government for investment promotion and single-window facilitation.
The group would set up the hi-tech park and a semiconductor fab unit spread across 300 acres at an investment of Rs 25,600 crore over the next five years and the facility is expected create 1,500 direct jobs once it becomes operational.
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An additional 25,000 jobs would be created through the ecosystem partners, an official release said.
The unit is expected to come up at Vallam Vadagal in neighbouring Sriperumbudur district.
According to IGSS Ventures Pte Ltd, the company focuses on building enterprises with competitive advantages in ground-breaking technologies and services that deliver operational excellence and disruptive innovations.
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IGSS Ventures operates three subsidiaries engaged in semiconductor business -- the Innovative Global Solutions and Services, IGSS GaN Pte Ltd and CompoundTek Pte Ltd.
"As investors and entrepreneurs who run our current portfolio of businesses, we are one of a kind technology investment holding company, globally, designed to be a one-stop semiconductor solutions hub," the company website said.
IGSS Ventures has proposed to set up the semiconductor fab and submitted application under the 'Scheme for Setting up of Semiconductor Fabs in India' through the Centre's Semiconductor Mission campaign.
The company has planned to set up the hi-tech park consisting of semiconductor circuit designers, material and equipment suppliers among others, the statement added.