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Next Orbit Ventures, ISMC give Israel’s Tower Semiconductor legal ultimatum

Business Standard  

Chip consortium ISMC and Next Orbit Ventures Fund have warned Israel’s Tower Semiconductor that its decision to terminate their agreement to set up a fab plant in India is “unlawful” and that they will pursue “all available legal remedies” against it.ISMC, with Tower as its technology partner. was one of the first companies to propose a fab plant under the government’s new semiconductor scheme. Under the scheme, the government has promised to offer 50% of the upfront cost of the project as subsidy, while state governments are willing to put in another 20-25%.Soon after Tower was brought in as a technology partner, the latter announced that it was being bought by Intel for USD 5.4 Billion. But that deal ran into trouble on account of regulatory issues, and, finally, it fell through in August 2023.