Three firms set to invest Rs. 2,950 cr in electronics manufacturing.

Three Bengaluru-based member-companies of the India Electronics and Semiconductor Association (IESA) have committed to invest Rs. 2,950 crore into manufacturing in India.

The investments have been approved under the Government’s Modified Special Incentive Package Scheme (M-SIPS), aimed at promoting large-scale manufacturing, to offset disability and to attract domestic and global investments into the ESDM sector.

Tessolve Semiconductor Pvt Ltd. is investing Rs. 750 crore to set up an ATMP (Assembly/ Test/ Mark/Pack) plant. 'Our company was the first to sign up for investment under M-SIPS. We are in the process of raising funds and will set up the plant in Karnataka in 15 months,' V Veerappan, co-founder & director, Tessolve Semiconductor, said.

Bosch Automotive Electronics India Pvt Ltd. has received an approval for an investment of Rs. 500 crore under M-SIPS. Managing Director Panduranga Prabhu said, “We have M-SIPS approval for Rs. 500 crore of which we have already invested Rs. 300 crore.'

Tejas Networks, which plans to invest Rs. 1,700 crore in telecom equipment manufacturing has received an approval of Rs. 760 crore of investment.

The company will invest Rs. 360 crore in phase one and Rs. 400 crore in phase two and, then, the rest subsequently, said Sanjay Nayak, CEO of Tejas Networks.

'The Government has received 54 project proposals worth investments of $3 billion, of which 28 project proposals worth investments of $1 billion have been approved, said Ashok Chandak, Chairman, IESA and Senior Director, NXP Semiconductors.

HBL