News


Nov 23, 2016

Mr. Ravi Shankar Prasad (Electronics & Information Technology Minister ,India) commented in Lok Sabha the details
and the timelines of delivery of Projects.

According to Government of India, While Jaiprakash Associates-led consortium withdrew from the project in March 2016, the one lead HSMC Technologies has been putting in efforts to attaract equity and debt funding for setting up a semiconductor wafer fabrication manufacturing facility .

HSMC Technologies along with ST Microelectronics and Silterra Malaysia Sdn Bhd as partners have proposed to set up Semiconductor Wafer Fabrication (FAB) manufacturing facility in Gujarat.

Minister of Electronics and Information Technology Ravi Shankar Prasad told the Lok Sabha during Question Hour that HSMC Technologies-led consortium has been given more time by an Empowered Committee (EC) to submit documents relating to setting up of the FAB facility.

On March 19, 2014, EC had issued Letters of Intent (LoI) to the consortia led by Jaiprakash AssociatesBSE -0.13 % and HSMC Technologies for the FAB projects.

During the meeting held on August 17 this year, EC was of the view that it would be worthwhile to provide HSMC Technologies-led consortium some more time to make efforts to submit all the documents required for demonstration of commitment as per the LoI, Prasad said.

He noted that the panel took into consideration that the project is highly capital intensive, technologically challenging as well as essential for fostering electronics design and manufacturing ecosystem in the country.

"The EC recommended that the progress made by the consortium be closely monitored.

"Subsequently, based on the progress made and request of the consortium led by HSMC Technologies India Pvt Ltd, the EC shall take a view on providing further extension for submission of all documents for demonstration of committment, as per the terms and conditions of the LoI," he said.

Source :- Economics Times