Intel, a major US chip company, has revealed plans to buy Tower.
Over 1,500 direct jobs are anticipated to be created by the unit.
The first semiconductor facility in India could result in 10,000 indirect jobs.

If the central government approves the company's request for financial incentives, construction on the proposed $3 billion chip fab in Mysuru by the International Semiconductor Consortium (ISMC) could begin as early as February. Depending on incentives, the ISMC consortium could begin construction on its semiconductor facility in Mysuru as early as February 2019.

The state of Karnataka in southern India will receive $3 billion (approximately Rs. 22,940 crore) from the international semiconductor consortium ISMC to build a chip-making facility, the state administration announced on Sunday. ISMC is a partnership between Tower Semiconductor in Israel and Next Orbit Ventures in Abu Dhabi. The US chip giant Intel has made plans to buy Tower public.

According to a tweet from the state's investment promotion office, India's first semiconductor fabrication facility is anticipated to create more than 1,500 direct jobs and 10,000 indirect ones. In order to encourage businesses to establish semiconductor and display operations in India, the government's next big bet on electronics production, ISMC and Indian conglomerate Vedanta have already submitted applications for Prime Minister Narendra Modi's Rs. 76,473 crore incentive plan.

In order to select a site by the middle of May, Vedanta stated that it was in 'advanced talks' with Telangana in the south, Gujarat and Maharashtra in the west. For its drive into semiconductor and displays, it has budgeted $20 billion (about Rs. 1,52,973 crore).

A key player in the global chip market currently dominated by Taiwanese and a few other countries, Modi and his IT ministers outlined plans for investment incentives in the industry. According to the government, the Indian semiconductor market will expand from $15 billion (roughly Rs. 1,14,729) in 2020 to $63 billion (roughly Rs. 4,81,865) in 2026.