Sept 26, 2013

Fab will catapult India, the way IT outsourcing worked: Devendra Verma

Devendra Verma, chief executive and founder of Hindustan Semiconductor Manufacturing Corp., is excited that his company’s ambition of becoming one of the first companies to set up a semiconductor plant in India is finally taking shape—almost seven years after he first conceived it

His plan is yet to be approved by the government, which, experts say, is a formality.

He has already signed agreements with infrastructure companies Larsen and Toubro Ltd (L&T) and Infrastructure Leasing and Financial Services Ltd (IL&FS) that will help him construct the so-called wafer fab ground-up and complete the first phase by 2016. In a telephone interview from the US, Verma explained why a semiconductor plant is critical to India’s electronics sector.