Israeli semiconductor company plans to build $8 billion chip factory in India

Israeli semiconductor company Tower Semiconductor plans to build an $8 billion chip manufacturing plant in India. The Indian government is currently evaluating the proposal. Tower is seeking government incentives to produce 65-nanometer and 40-nanometer chips in India. If the proposal is approved, Tower will become the first chip company to pass India's subsidy program and receive a 50% funding subsidy for the project.