S’pore firm signs MoU with TN to set up Rs 25K cr semiconductor park

CHENNAI: Singapore-based IGSS Ventures on Friday signed an MoU with the State government for setting up a semiconductor park, in the presence of Chief Minister MK Stalin.

As per the MoU, in the next five years, IGSS Ventures will invest Rs 25,600 crore in establishing a high-tech semiconductor park by providing direct employment to 1,500 people. The firm will also provide indirect employment to 25,000 people as circuit designers, vendors selling manufactured products, vendors selling secondary products and outsourcing and testing semiconductors. Apart from that, IGSS Ventures, under the name Project ‘Suria’ will establish semiconductor fabs and has applied under the National Semiconductor Mission of the Union government.

This project will be a great boost to the growing demands of semiconductors looking at how there is a shortage of them globally.

Industries Minister Thangam Thennarasu said the next step would now be to identify land for the park. Around 200 to 300 acres of land will be required, he added. Replying to the claims of Governor RN Ravi who had said that TN does not perform like Maharashtra and Haryana in attracting investments, Thennarasu said when it comes to physical infrastructure, TN is the leader. The Minister added that at the investors meet on July 4, he expects 60 MoUs worth Rs 70,000 crore to be signed. This will provide employment to 70,000 people.