India's aspirations in the semiconductor sector were hampered when both Zoho and Adani shifted gears on their manufacturing strategies. Zoho's founder announced the company would no longer pursue a $700 million semiconductor fab investment, citing a need for government support and confidence in the technology. Adani also halted discussions for a $10 billion fab with Tower Semiconductor, determining the project was not commercially viable. These moves reflect the challenges facing India as it attempts to bolster its position in the semiconductor industry amidst global competition.
On our semiconductor fab investment plan, since this business is so capital intensive it requires government backing, we wanted to be absolutely sure of the technology path before we take taxpayer money.
The other was giant industrial conglomerate Adani, which according to Reuters paused discussions with Israeli outfit Tower Semiconductor over a $10 billion fab plan. Adani reportedly decided the project didn't make commercial sense and bailed out.
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