Indian Semiconductor Race: RIL, HCL, New Players In the Game RIL and HCL Group are independently "evaluating" deals to pick up 30 per cent equity stake each in semiconductor wafer fab applicant ISMC Analog, said an ET report

Reliance Industries Limited (RIL) and HCL Group are independently "evaluating" deals to pick up 30 per cent equity stake each in semiconductor wafer fab applicant ISMC Analog, said an ET report.

It is likely that both RIL and HCL will invest through subsidiaries with an estimated total investment from both parties likely to exceed INR 4,000 crore. The terms for both proposed agreements have been signed recently. ISMC Analog, a consortium of Mumbai-based Next Orbit Ventures and Israeli tech company Tower Semiconductor, is one among three applicants vying for subsidies under the Centre's INR 76,000-crore SemiconIndia programme. It has chosen an electronics cluster near Mysuru in Karnataka, to build its $3-billion fab, the report added.

In response to ET's queries, a spokesperson for Reliance said the company "evaluates opportunities on an ongoing basis", but declined to comment on "market speculation and rumours".

ISMC said it "cannot endorse or disclose names of investors and their terms of investment" in view of certain non-disclosure agreements.

Last December, India had approved a $10-billion incentive plan to attract semiconductor and display manufacturers deepening the push to establish the country as a global electronics production hub.

Earlier, Indian oil-to-metals conglomerate Vedanta and global manufacturing giant Foxconn signed a memorandum of understanding with the Indian state of Gujarat to set up a $20 billion semiconductor and display unit.