India’s Semiconductor Revolution: Mapping All Listed and Unlisted Chipmaking Units

India now has 10 approved semiconductor units, including projects by Tata, Micron, Kaynes, CG Power, and more. Here’s a detailed look at listed and unlisted players shaping the chip revolution.

India’s Semiconductor Revolution: Mapping All Listed and Unlisted Chipmaking Units

India’s Semiconductor Revolution: Mapping All Listed and Unlisted Chipmaking Units

Introduction – A Turning Point for Indian Technology

For decades, India has been recognized as a global leader in IT services and software engineering. Yet, when it came to semiconductors—the very heart of modern electronics—the country lagged far behind manufacturing powerhouses like Taiwan, South Korea, and the United States. That narrative is changing.

Backed by the India Semiconductor Mission (ISM) and a wave of both domestic and foreign investments, India is now poised to establish a complete semiconductor manufacturing and packaging ecosystem. In 2025, the Union government announced 10 approved semiconductor units, a mix of fabrication plants (fabs), OSATs (Outsourced Semiconductor Assembly and Testing), ATMPs (Assembly, Testing, Marking, and Packaging), and R&D facilities.

In this blog, we’ll explore these units in detail, distinguish between listed and unlisted players, and understand how this ecosystem is shaping India’s technological future.

The Big Picture – Why Semiconductors Matter

Semiconductors are the invisible engines of modern life. Semiconductors drive all technology every everything, from smartphones, laptops, to electric vehicles and satellites.. The global chip shortage during COVID-19 made countries realize the strategic importance of having domestic manufacturing capabilities.

India, which imports nearly all of its semiconductor needs (worth over ₹1.5 lakh crore annually), sees this sector as both a national security imperative and a multi-billion-dollar economic opportunity.

India’s Current Semiconductor Landscape

Unlike Taiwan or South Korea, India doesn’t yet have large-scale commercial fabs producing advanced nodes (e.g., 7nm, 5nm chips). What it has are:

One operational fabrication facility, the Semiconductor Laboratory (SCL) in Mohali, is run by the government for R&D and strategic needs.

Multiple OSAT/ATMP plants in development, which will package and test chips.

Several greenfield fabs have been approved and are expected to come online within the next 3–5 years.

The 10 Approved Semiconductor Units – A Closer Look

Listed Company Projects

These projects involve companies whose shares are traded on stock exchanges, offering retail and institutional investors a way to participate in India’s chip journey.

a) Tata Electronics + Powerchip Semiconductor (Fab) – Dholera, Gujarat

Type: Semiconductor wafer fabrication plant.

Investment: Over ₹91,000 crore.

Specialty: Targeting mature nodes (28nm and above) for automotive and industrial chips.

Listed Parent: Tata Group companies (e.g., Tata Motors, Tata Elxsi) indirectly benefit.

b) Micron Technology – Sanand, Gujarat

Type: Assembly, Testing, Marking, and Packaging (ATMP).

Investment: $2.75 billion (₹22,500 crore).

Listed: U.S.-listed on NASDAQ.

Impact: Will supply memory packaging for global and Indian markets.

c) Kaynes Semicon – Sanand, Gujarat

Type: OSAT facility.

Investment: ~₹3,750 crore.

Listed: Kaynes Technology India Ltd is listed on NSE/BSE.

Focus: Consumer electronics, automotive, and IoT chip packaging.

d) CG Power + Renesas Electronics + Stars Micro JV – Sanand, Gujarat

Type: ATMP unit.

Listed: CG Power is listed on Indian exchanges; Renesas is Japan-listed.

Specialty: Automotive-grade semiconductor packaging.

e) HCL Technologies + Foxconn JV – Uttar Pradesh (Jewar)

Type: OSAT.

Listed: HCL Technologies is listed in India; Foxconn is Taiwan-listed.

Potential: Serves consumer electronics, telecom equipment makers, and industrial applications.

Unlisted or Private Company Projects

These are either privately held Indian companies, subsidiaries, or foreign firms without Indian stock exchange listings.

a) Tata Semiconductor Assembly & Test Pvt Ltd (TSAT) – Assam (Jagiroad)

Type: OSAT unit.

Investment: Over ₹27,000 crore.

Status: Construction underway, expected to be operational in 2025.

Parent: Unlisted Tata subsidiary.

b) Suchi Semicon – Surat, Gujarat

Type: OSAT facility.

Status: Near production, possibly operational by late 2024.

Ownership: Privately held.

c) Indichip Semiconductors + Yitoa Micro Technology JV – Andhra Pradesh

Type: Proposed fabrication unit.

Status: MoU stage, awaiting final approvals.

Ownership: Private JV.

d) Semiconductor Laboratory (SCL) – Mohali, Punjab

Type: Government-owned fab for R&D and strategic use.

Listed: Not applicable (public-sector).

Importance: Supplies chips for space missions, defense, and research.

Geographical Spread of Semiconductor Units

The semiconductor ecosystem is strategically distributed across states to balance economic growth and infrastructure availability:

Gujarat – Dholera, Sanand, Surat (largest concentration).

Assam – Jagiroad (Northeast industrial development).

Uttar Pradesh – Jewar (part of electronics manufacturing hub).

Andhra Pradesh – Proposed fab.

Punjab – Mohali (SCL).

Investment Scale and Economic Impact

The combined investment in these units exceeds ₹2 lakh crore. Economic benefits include:

Job creation – Direct manufacturing jobs and indirect jobs in logistics, maintenance, and services.

Technology transfer – Partnerships with global giants like Powerchip, Renesas, and Foxconn bring in advanced know-how.

Export potential – India aims to be a global hub for mature-node chip exports.

Opportunities for Investors

While not all semiconductor companies in India are listed, investors can gain exposure through:

Direct equity in listed players – Tata Elxsi, Kaynes Technology, CG Power, HCL Technologies.

Mutual funds & ETFs focusing on electronics, manufacturing, or technology.

Indirect beneficiaries – Companies in chemicals, specialty gases, equipment supply, and logistics.

Challenges Ahead

India’s semiconductor dream isn’t without roadblocks:

Capital intensity – A single fab can cost over ₹90,000 crore.

Skill shortage – Chip fabrication requires highly specialized engineers.

Global competition – Taiwan, South Korea, and China have decades of head start.

Supply chain readiness – Ecosystem for raw materials, chemicals, and precision machinery needs scaling up.

The Road Ahead – From 2025 to 2030

If all approved projects are completed on schedule, India could emerge as:

A top 5 OSAT hub globally by 2030.

A strategic chip supplier for sectors like EVs, telecom, and renewable energy.

An R&D powerhouse leveraging its IT and design talent for advanced chip architectures.

The combination of government incentives, private capital, and global partnerships makes India’s semiconductor mission one of the most ambitious industrial transformations in the country’s history.

Conclusion

From having only one government-run chip lab to hosting 10 approved semiconductor units in 2025, India’s journey is accelerating. Listed companies like Tata, Kaynes, CG Power, and HCL are giving investors a direct entry point into the sector, while unlisted players and PSUs are building the ecosystem’s backbone.

If executed well, India’s semiconductor revolution could reshape its industrial economy and reduce dependence on imports, making “Made in India” chips a reality within this decade.

Author’s Note

The semiconductor sector in India is at a fascinating inflection point. This article was written to offer readers—not just investors, but anyone curious about technology—a complete, humanized view of where India stands today. While the facts and figures are based on the latest credible sources, the narrative reflects my own interpretation of India’s evolving role in the global tech economy.