Adani Group pauses talks with Israel’s Tower Semiconductor on $10 billion chip project: Report
New Delhi: The Adani Group has reportedly paused its discussions with Israel’s Tower Semiconductor for a proposed $10 billion chip project, citing concerns over the project's strategic and commercial viability.
According to a Reuters report, the decision to pause talks was made after Adani Group’s internal assessment flagged uncertainty about how much demand, particularly in India, the business can generate.
"It was more of a strategic decision. Adani evaluated it and decided, let's wait," news agency Reuters quoted its source as saying.
Another source revealed that the Adani Group was not satisfied with the amount of financial contribution Tower was willing to make into the partnership. Tower was to provide technological expertise in the deal, but "Adani wanted Tower to have more skin in the game" in financial terms, the source added.
The semiconductor facility, announced in Maharashtra last September, was envisioned to produce 80,000 wafers per month and generate approximately 5,000 jobs.
The report further noted that Adani’s rethinking of the plans could be another potential blow to Indian Prime Minister Narendra Modi’s "Make in India" initiative aimed at promoting the semiconductor industry.
Meanwhile, India still lacks an operational chipmaking facility. A proposed $19.5 billion joint venture between Indian conglomerate Vedanta and Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, was called off in July 2023 due to concerns from the central government over rising project costs and delays in incentive approvals.
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PM Modi pays tributes to Jagjivan Ram
New Delhi (PTI): Prime Minister Narendra Modi on Sunday paid tributes to former deputy prime minister and stalwart Dalit leader Jagjivan Ram on his birth anniversary, saying his invaluable contribution to the nation will always be remembered.
"I pay my humble tributes to former Deputy Prime Minister Babu Jagjivan Ram Ji on his birth anniversary. He dedicated his life to the cause of equality and social justice," Modi said.
"His invaluable contribution to the nation will always be remembered," the prime minister said.
Hailing from Bihar, Ram distinguished himself for his administrative skill and his role as the Union defence minister during the 1971 war against Pakistan has been lauded.
He had left the Congress in protest against the Emergency.
