Suchi Semicon begins chip plant without Centre's incentive, plans $100 million investment in 3 years
Suchi Semicon has started production of semiconductors without the Centre's incentive and plans to invest $100 million in three years, a top official of the company said on Sunday. Suchi Group chairman and Suchi Semicon founder Ashok Mehta said though the company has applied for the Centre's incentive under SPECS (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors) and India Semiconductor Mission, it does not want to hold on to production for the sake of incentives.
«We have a foolproof business plan. Our business plan is not primarily for incentives. We have set up a plant to do business. The Centre's approval will come when we meet their requirements. We have made $100 million (about Rs 840 crore) investment plan over three years,» Mehta said.
He said that the state government has approved 20% incentives for the plant.
«At the time of Covid when there was shortage of semiconductors, prime minister Narendra Modi had asked to turn crisis into opportunity. We made our mind at that time to make a foray into the semiconductor business. We decided to start a factory after a lot of research with industry experts,» Mehta said.
He is also the founder of textile company Suchi Industries.
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