IGSS Ventures has signed a memorandum of understanding (MoU) with Tamil Nadu government to set up a semiconductor high-tech park in the state. To this end, the company will be investing Rs 256 billion in the project in the next five years.
IGSS Ventures is a Singapore-based technology investment holding company that enables development and commercialising of hybrid semiconductor technologies. According to the MoU, IGSS Ventures will also provide indirect employment to 25,000 persons through various projects such as circuit designers, vendors selling manufactured products, vendors selling secondary products and outsourcing and testing semiconductors, which will be present inside the proposed park.
Moreover, the group is planning to set up the hi-tech park and a semiconductor fab unit in a land spread across 300 acres. The unit is expected to come up at Vallam Vadagal in neighbouring Sriperumbudur district.
