In a significant move towards fostering economic development, the Uttar Pradesh government has approved over ₹8,500 crore in financial incentives for two major semiconductor manufacturing projects. Proposed by Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd, these investments are projected to summon a collective investment of ₹32,146 crore to the state.
The driving force behind this ambitious endeavor is Darshan Hiranandani, CEO of the Hiranandani Group, who indicated that construction can begin as soon as the central government's final approval is obtained. This initiative represents a critical investment in both infrastructure and the future of semiconductor production in India.
Tarq Semiconductors plans to make a substantial investment of ₹28,440 crore in Sector 28, specializing in forward-thinking technologies, including compound semiconductors and integrated circuits. Meanwhile, Vama Sundari Investments has allocated ₹3,706 crore for a facility in Sector 10, focusing on display driver integrated circuits (DDIC) and semiconductor assembly.
Under the Semiconductor Policy-2024, the UP government has already provided Letters of Comfort detailing a variety of incentives. Tarq Semiconductors will receive a capital subsidy of ₹7,037 crore, while Vama Sundari Investments has been granted ₹919.31 crore. These incentives also include significant land rebates and tax exemptions, which will come into effect after the requisite approvals from the central government.
Darshan Hiranandani - Additionally, both companies will enjoy generous support in the form of a 10-year electricity duty exemption and other subsidies, making it financially advantageous to operate in Uttar Pradesh. Collectively, these projects aim to create substantial employment opportunities, with Tarq Semiconductors expecting to generate 1,000 direct jobs, while Vama Sundari Investments looks to create around 3,780 jobs.
Strategically located near the upcoming Noida International Airport, these semiconductor projects not only represent economic growth but also aim to create a skilled workforce through various skilling initiatives, including internship programs for engineering students. This investment sets the foundation for Uttar Pradesh to emerge as a significant player in India’s semiconductor landscape, thereby contributing to long-term sustainability and growth within the community and economy.
Read More - UP approves $1 billion in incentives for 2 semiconductor units
In a significant move towards fostering economic development, the Uttar Pradesh government has approved over ₹8,500 crore in financial incentives for two major semiconductor manufacturing projects. Proposed by Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd, these investments are projected to summon a collective investment of ₹32,146 crore to the state.
The driving force behind this ambitious endeavor is [Darshan Hiranandani](https://abachy.com/news/uttar-pradesh-approves-103-billion-incentives-semiconductor-projects), CEO of the Hiranandani Group, who indicated that construction can begin as soon as the central government's final approval is obtained. This initiative represents a critical investment in both infrastructure and the future of semiconductor production in India.
Tarq Semiconductors plans to make a substantial investment of ₹28,440 crore in Sector 28, specializing in forward-thinking technologies, including compound semiconductors and integrated circuits. Meanwhile, Vama Sundari Investments has allocated ₹3,706 crore for a facility in Sector 10, focusing on display driver integrated circuits (DDIC) and semiconductor assembly.
Under the Semiconductor Policy-2024, the UP government has already provided Letters of Comfort detailing a variety of incentives. Tarq Semiconductors will receive a capital subsidy of ₹7,037 crore, while Vama Sundari Investments has been granted ₹919.31 crore. These incentives also include significant land rebates and tax exemptions, which will come into effect after the requisite approvals from the central government.
[Darshan Hiranandani](https://www.hindustantimes.com/cities/noida-news/up-govt-approves-8-500-cr-for-two-semiconductor-projects-101733080580004.html) - Additionally, both companies will enjoy generous support in the form of a 10-year electricity duty exemption and other subsidies, making it financially advantageous to operate in Uttar Pradesh. Collectively, these projects aim to create substantial employment opportunities, with Tarq Semiconductors expecting to generate 1,000 direct jobs, while Vama Sundari Investments looks to create around 3,780 jobs.
Strategically located near the upcoming Noida International Airport, these semiconductor projects not only represent economic growth but also aim to create a skilled workforce through various skilling initiatives, including internship programs for engineering students. This investment sets the foundation for Uttar Pradesh to emerge as a significant player in India’s semiconductor landscape, thereby contributing to long-term sustainability and growth within the community and economy.
Read More -[ UP approves $1 billion in incentives for 2 semiconductor units](https://evertiq.com/news/56852)
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