JP associates Withdraws Rs 34,000 Crore electronic Chip mission: government

New Delhi: Infrastructure firm JP associates has pulled out of a mission to set up an electronic chip plant that entailed investment of approximately Rs 34,000 crore.

“JP friends has withdrawn its proposal of semiconductor plant. they’ve stated that it is not commerciallypossible to installation this plant at present,” department of Electronics and IT (DeitY) Secretary Aruna Sharma informed journalists on sidelines of a Qualcomm occasion.

The plant changed into one of the two authorised by using the cabinet in February 2014.

Debt-encumbered Jaiprakash associates had partnered with IBM and Israel’s Tower Semiconductor forsetting up the plant.

The project, expected to cost Rs 34,399 crore was to be placed alongside the Yamuna parkway in Uttar Pradesh.

Ms Sharma stated that any other company Hindustan Semiconductors remains operating on the task and the government has acquired a few different investment proposals in the semiconductor space if you want to be announced quickly.

digital chips are critical aspect of any modern electronic tool and also have security implications. Atgift, there aren’t any semiconductor plants in India.

The authorities permitted the semiconductor plant because of both industrial and more importantly strategic motives.

On March 31, in one in all the most important deals in the domestic cement enterprise, debt-ridden Jaypee institution announced component sale of its cement business to Kumarmangalam Birla-led Ultratech for Rs 15,900 crore.
story first published on: April 12, 2016 15:30 (IST)

Tags: JP buddies, semiconductor plant, branch of Electronics and IT, Aruna Sharma, Jaiprakash friends Ltd, Jaypee organization

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