Israel's Pinnacle proposes $8 billion chip plant in India - report

NEW DELHI (Reuters) According to a story published in the national newspaper Indian Express on Sunday, Israel's Tower Semiconductor (NASDAQ: TSEM) has proposed to the Indian government to construct an $8 billion chip manufacturing plant in the South Asian country.

According to the article, Tower is planning to build 40 nanometer and 65 nanometer chips in India to obtain government subsidies for its strategy.

Requests for comments were not immediately answered by the business or the Indian IT ministry. 

One of the main tenets of Modi's economic program is chip production, but initial attempts to provide the sector with $10 billion in incentives have failed, with some plans stalling or being abandoned.