Israel’s Tower’s chip project to be approved after polls

Israel’s Tower’s chip project to be approved after polls Israel-based Tower Semiconductor’s $11-billion (Rs 91,000-crore) fabrication project, is now likely to be approved only after the general elections, official sources said. This is because the ministry of electronics and IT (Meity) will first have to seek Cabinet’s approval for raising the current incentive ceiling of Rs 76,000-crore for domestic semiconductor manufacturing. With the government already approving four chip projects so far, incentives worth Rs 60,000 crore have already been committed.Tower Semiconductor’s project is currently under evaluation stage. As per the process, companies whose applications are approved are entitled for a 50% subsidy from the government on the project cost. State governments where the projects are set up are free to further top this up with any subsidy amount they want. [Read more]( If you would prefer not receiving our emails, please [Click Here](