Next Orbit to sell entire stake in semiconductor firm ISMC to BC Jindal group

Next Orbit Ventures, the lead partner in ISMC, a consortium that applied to the government to set up a semiconductor fab plant, is to sell its entire stake in the company to the Delhi-based B C Jindal group. Next Orbit, an investment company based in Mumbai, made the move after the Indian Semiconductor Mission or ISM — the body which scrutinizes the fab proposals — suggested that it should rope in a strategic investor for the project to be considered.