Abu Dhabi firm cre­ates fund to set up fab units in In­dia

Banking Frontiers - - Banking In The Gulf -

Next Or­bit Ven­tures, a newly launched Abu Dhabi-based fund es­tab­lished un­der the Abu Dhabi Global Mar­kets (ADGM) ju­ris­dic­tion, has an­nounced the launch of $2 bil­lion fund for build­ing semi­con­duc­tors and elec­tron­ics fab ecosys­tem in In­dia. Next Or­bit Ven­tures in­tends to raise $1.5 bil­lion from the Gulf re­gion as feeder fund, the re­main­ing $500 mil­lion has al­ready been se­cured by Next Or­bit Ven­tures Fund-II from a con­sor­tium of in­vestors in­volv­ing both the In­dian gov­ern­ment and UHNIs. The fund has al­ready signed agree­ments with tech­nol­ogy providers UMC (Tai­wan), AMD (US), Tow­erJazz (US) and Cen­trotherm PV (Germany) as tech­nol­ogy li­censees for its projects. Ajay Jalan, founder and man­ag­ing part­ner, of the fund, said dis­cus­sions are on with the In­dian states of Andhra Pradesh and Gu­jarat to se­cure land for the project. The project aims at build­ing the re­quired in­fra­struc­ture to cater to In­dia’s fast-grow­ing mar­ket for elec­tronic goods and com­po­nents.

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