Chip Dreams: Tower's $8 Billion.!
A meeting between minister of State for IT rajeev Chandrasekhar, Tower Semiconductor CEO Russell C Ellwanger, and Israeli Ambassador Naor Gilan took place in october of the previous year. Discussions during this meeting centred around a potential semiconductor partnership between india and Tower Semiconductor.
Earlier in 2022, the international Semiconductor Consortium (ISC), of which Tower is a part, applied to join India's Semiconductor Scheme. However, uncertainties arose when Intel attempted to acquire Tower Semiconductor, leading the indian government to withhold approval of the application. The government was unsure whether to permit Tower Semiconductor's continued participation in the ISC post the Intel acquisition.
Tower Semiconductor specializes in providing high-value analogue semiconductor solutions, catering to various sectors, including automotive, medical, industrial, consumer, aerospace, and defense. The company's annual revenue exceeds $1 billion.
This development comes in the wake of American chipmaker Micron Technology's announcement in june of the previous year to establish an assembly and test facility in Gujarat, india, with an investment of $825 million, slated to commence operations by the end of 2024.