Hiranandani Group, one of India's leading real estate companies, has received in-principle approval from the Yamuna Expressway Industrial Development Authority (YEIDA) to acquire 100 acres of land in Sector 28 to set up a semiconductor manufacturing unit in Uttar Pradesh. The company has proposed an initial investment of around ₹2500 crore for the project, which is expected to go live in 24 months, subject to all approvals being in place.
The proposed semiconductor manufacturing unit is expected to create approximately 5,000 direct jobs and generate significant economic activity in the region. With the increasing demand for semiconductors in the country, the move is expected to boost India's self-reliance in the electronics sector and reduce its dependence on imports.
Semiconductors are critical components used in various electronic devices, including smartphones, laptops, and other consumer electronics. The demand for semiconductors has been on the rise in recent years, fueled by the growing adoption of emerging technologies such as 5G, artificial intelligence, and the Internet of Things.
The Hiranandani Group's move to set up a semiconductor manufacturing unit in Uttar Pradesh is a significant step towards building India's capabilities in the electronics sector. The project is expected to not only create job opportunities but also contribute to the development of ancillary industries in the region.
The Indian government has been making efforts to attract global semiconductor manufacturers to set up their operations in the country. The government has recently launched the Production Linked Incentive (PLI) scheme to incentivize companies to set up manufacturing units in India. The scheme offers financial incentives to companies that manufacture mobile phones, electronic components, and semiconductors in the country.
With the Hiranandani Group's proposed semiconductor manufacturing unit, the company is poised to benefit from the PLI scheme and contribute to the government's efforts to boost India's self-reliance in the electronics sector.
In conclusion, Hiranandani Group's plan to set up a semiconductor manufacturing unit in Uttar Pradesh is a significant step towards building India's capabilities in the electronics sector. The move is expected to create job opportunities, boost economic activity, and contribute to the development of ancillary industries in the region. With the Indian government's focus on incentivizing global semiconductor manufacturers to set up their operations in the country, the Hiranandani Group is well-positioned to benefit from the Production Linked Incentive (PLI) scheme and contribute to India's self-reliance in the electronics sector.
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