Israel's Tower proposes $8 billion chip plant in India

BENGALURU (Reuters) - Israel's (NASDAQ:) has submitted a proposal to India's government to build an $8 billion chipmaking facility in the South Asian nation,fx foreign exchange national daily Indian Express reported on Sunday.

Tower, seeking government incentives for its plan, is looking to manufacture 65 nanometre and 40 nanometre chips in India, the report said.

The company and India's IT ministry did not immediately respond to requests for comment.

Chip manufacturing is a key plank of Modi's business agenda, but initial bids to offer $10 billion in incentives to the industry have floundered, with some proposals stalled or cancelled.

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