India Tries To Attract Intel, TSMC, GlobalFoundries To Set Up Local Plant

India is in talks with global chipmakers Intel Corp (NASDAQ:INTC), GlobalFoundries Inc (NASDAQ:GFS), and Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) about setting up local operations, Bloomberg reports.
India aspires to become an electronic hub like neighbor China, Bloomberg notes.
In India, a venture between billionaire Anil Agarwal’s Vedanta Group and Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC:HNHPF), operating as Foxconn, has expressed interest in setting up semiconductor foundries within the country,
The country launched a $10 billion incentives plan in 2021, offering to cover as much as half of a project’s cost to lure display and semiconductor fabricators into setting up a base in India.
India imposed import taxes on devices produced elsewhere and offered financial incentives for local manufacturing to attract smartphone assemblers.
China has set out a vision for semiconductor sovereignty. The Biden administration has a $52 billion plan to reclaim U.S. leadership in chip development. Japan is setting aside billions to attract the likes of TSMC.
U.S. - China trade tensions and Covid-related lockdowns have disrupted global supply chains pushing companies to diversify outside traditional tech manufacturing hubs like China and Taiwan.
Price Action: INTC shares closed higher by 1.12% at $47.06 on Monday.