Zoho-backed semiconductor manufacturer to invest ₹3,425cr in Karnataka
What's the story
Silectric Semiconductor Manufacturing, a company founded by directors of Zoho, has pledged to invest ₹3,425.60 crore in Karnataka's first electronics manufacturing cluster (EMC). The investment will be made in the Kochanahalli facility in Mysuru and is likely to create 460 new jobs. The announcement was made at the 64th State High-Level Clearance Committee (SHLCC) meeting chaired by Chief Minister Siddaramaiah.
Investment approvals
Proposals worth ₹9,823cr across various sectors
The SHLCC meeting approved 10 proposals worth ₹9,823 crore across various industrial sectors in the state. The approved projects are expected to generate around 5,605 jobs. "The first semiconductor project in the electronics manufacturing cluster at Kochanahalli, Mysuru, is a major milestone for the state," Siddaramaiah said during the meeting.
Land allocation
Karnataka earmarks land for EMC
The state government has earmarked 234 acres of land at Kochanahalli, near Kadakola in Mysuru, to set up EMC and semiconductor units. This is part of Karnataka's larger plan to lure more investments in these sectors. The state has identified 901 acres across four industrial clusters for the semiconductor industry.
Additional approvals
Other significant investments approved
Apart from Silectric's investment, the SHLCC meeting also cleared other major investments. These include DN Solutions India Private Limited's ₹998 crore investment at ITIR, Devanahalli, which will create 467 jobs and Sansera Engineering Limited's ₹2,150 crore investment at Harohalli that may generate up to 3,500 jobs. Further, six existing investment proposals worth ₹3,249.7 crore were cleared with an estimated job creation potential of 1,178 positions.