UP Approves Rs 85 billion Incentive for Semiconductor Projects

05 Dec 2024 CW Team

Tarq Semiconductors, a subsidiary of the Hiranandani Group, and Vama Sundari Investments, an HCL Group and Foxconn Hon Hai Technology India Megadevelopment joint venture, will jointly invest Rs 321.46 billion to set up facilities in the YEIDA region. Tarq Semiconductors plans to invest Rs 284.40 billion to establish a 125-acre unit in Sector 28, focusing on producing compound semiconductors like gallium nitride, silicon carbide, and gallium arsenide, along with silicon photonics devices, integrated circuits, and optoelectronic components. The project is expected to create 11,000 direct and indirect jobs.

Vama Sundari Investments will invest Rs 37.06 billion to build its 50-acre facility in Sector 10, generating approximately 3,780 direct and indirect jobs. The project received in-principle land allotment approval from YEIDA in May.

The UP government issued a letter of commitment outlining the incentives. Tarq Semiconductors will receive a Rs 70.37 billion capital subsidy, a 75% land cost rebate worth Rs 320.9 crore, and full exemptions on stamp duty and registration fees, valued at Rs 299 million. Vama Sundari Investments will get a Rs 9.193 billion capital subsidy, a land rebate of Rs 1.24 billion, and exemptions on stamp duty and registration fees amounting to Rs 11 million.

Both projects will benefit from a 10-year electricity duty exemption, dual power grid support, and subsidies for water and power consumption. The state will also fund worker upskilling and approve subsidies for innovation and employee welfare. Companies will have a non-disturbance clause protecting their lease agreements, with YEIDA certificates awarded upon completion of investments. Lease deeds can only be canceled with YEIDA board approval in cases of violations.

(ET)

The Uttar Pradesh government has approved incentives worth over Rs 85 billion for two significant semiconductor manufacturing projects near the Noida International Airport along the Yamuna Expressway. These incentives are part of the state's Semiconductor Policy 2024 and are pending approval from the Central government. Tarq Semiconductors, a subsidiary of the Hiranandani Group, and Vama Sundari Investments, an HCL Group and Foxconn Hon Hai Technology India Megadevelopment joint venture, will jointly invest Rs 321.46 billion to set up facilities in the YEIDA region. Tarq Semiconductors plans to invest Rs 284.40 billion to establish a 125-acre unit in Sector 28, focusing on producing compound semiconductors like gallium nitride, silicon carbide, and gallium arsenide, along with silicon photonics devices, integrated circuits, and optoelectronic components. The project is expected to create 11,000 direct and indirect jobs. Vama Sundari Investments will invest Rs 37.06 billion to build its 50-acre facility in Sector 10, generating approximately 3,780 direct and indirect jobs. The project received in-principle land allotment approval from YEIDA in May. The UP government issued a letter of commitment outlining the incentives. Tarq Semiconductors will receive a Rs 70.37 billion capital subsidy, a 75% land cost rebate worth Rs 320.9 crore, and full exemptions on stamp duty and registration fees, valued at Rs 299 million. Vama Sundari Investments will get a Rs 9.193 billion capital subsidy, a land rebate of Rs 1.24 billion, and exemptions on stamp duty and registration fees amounting to Rs 11 million. Both projects will benefit from a 10-year electricity duty exemption, dual power grid support, and subsidies for water and power consumption. The state will also fund worker upskilling and approve subsidies for innovation and employee welfare. Companies will have a non-disturbance clause protecting their lease agreements, with YEIDA certificates awarded upon completion of investments. Lease deeds can only be canceled with YEIDA board approval in cases of violations. (ET)

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