Adani Says No 'Binding Agreement' With Tower Semiconductor For $10B Chip Plant In Maharashtra

Adani Enterprises has issued a clarification over its joint venture with Israel’s Tower Semiconductor to set up an ₹84,000 crore plant in Maharashtra.

What Happened: The Adani Group is evaluating the project internally and has not yet signed any binding agreement over it, the company said in a press release on Wednesday.

“The Company has not signed any binding document(s) in this regard hence we are unable to comment on the same at this stage,” the company wrote in its statement.

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Last week, it has received approval from Maharashtra's cabinet panel for a $10 billion (₹83,947 crore) to establish a semiconductor chip manufacturing facility in Taloja, Panvel, the country's Deputy Chief Minister Devendra Fadnavis wrote in a post on X. 

Of the total project investment, ₹58,763 crore will be allocated in the first phase, with the remaining ₹25,184 crore coming in the second phase. The semiconductor facility will initially have a capacity of 40,000 wafer starts per month in its first phase, eventually reaching a total capacity of 80,000 wafer starts per month. 

The project will have the capacity to create over 5,000 jobs, Fadnavis added.

Price Action: Shares of Adani Enterprises were trading flat. It was down 0.42% to ₹2,973.95 on Wednesday.

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