Tower Jazz, an Israeli semiconductor producer, announced that it obtained approval from Indian government to establish semiconductor device fabrication plant taking part in a consortium with IBM and STMicroelectronics. The consortium will invest around 634.1 billion rupee (around $10.17 billion). The contract will be finalized in August this year. It has not disclose the day to be commenced.

It is expected that this is the first semiconductor fabrication plant in full scale in India. The Indian electronics market is expected to reach at $40 million by 2020, and expand to 10 times during next 10 years. Construction of semiconductor device fabrication plant will be booming in India from this time.