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Darshan Hiranandani | Uttar Pradesh Government Approves ₹8,500 Crore for Two Major Semiconductor Projects

The Uttar Pradesh government has approved a substantial financial package of ₹8,500 crore for two major semiconductor manufacturing initiatives under its Semiconductor Policy-2024. These projects, proposed by Tarq Semiconductors Pvt Ltd and Vama Sundari Investments (Delhi) Pvt Ltd, are expected to bring in a total investment of ₹32,146 crore and create a significant boost to the state's economy and employment prospects. The factories will be located near the Noida International Airport, positioning Uttar Pradesh as a crucial hub for India's semiconductor industry.

 

Darshan Hiranandani

 

Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (Yeida), emphasized the importance of the projects, stating, “These facilities will strengthen Uttar Pradesh’s position in India’s semiconductor supply chain.” However, final approval from the central government is still required before construction can commence.

The state government has issued Letters of Comfort to the two companies, offering attractive incentives under the state’s Semiconductor Policy. These include large capital subsidies, land discounts, and stamp duty exemptions. Tarq Semiconductors will receive ₹7,037 crore in capital subsidies, along with a 75% reduction in land costs (₹321 crore) and a full waiver of stamp duty fees (₹30 crore). Vama Sundari Investments will be granted ₹919.31 crore in subsidies, plus significant reductions in land costs and stamp duties.

In addition to these benefits, both projects will enjoy a range of supporting incentives, including a 10-year exemption from electricity duties, dual power grid access, and subsidies for water and power usage. The projects will also be backed by a special fund for skill development, providing internships to 500 engineering students annually and grants to attract top talent.

Darshan Hiranandani - Tarq Semiconductors plans to create 1,000 direct jobs and 10,000 indirect jobs, while Vama Sundari Investments aims for 3,780 direct and indirect jobs. With the Noida International Airport in close proximity, both projects are strategically positioned to benefit from global supply chain connectivity.

Darshan Hiranandani, CEO of the Hiranandani Group, stated that they are ready to begin construction as soon as they receive central government approval, expressing confidence that the projects will have a transformative impact on India’s semiconductor sector.

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