Business News | MIC Electronics Signs MoU with Singapore Firm to Secure Taiwanese Semiconductor Partner
Get latest articles and stories on Business at LatestLY. MIC Electronics Limited on Wednesday announced that it has signed a Memorandum of Understanding (MoU) with Singapore-based Top2 PTE Limited to identify and finalize a semiconductor fabrication partner from Taiwan.
Hyderabad (Telangana) [India], 10 September (ANI): MIC Electronics Limited on Wednesday announced that it has signed a Memorandum of Understanding (MoU) with Singapore-based Top2 PTE Limited to identify and finalize a semiconductor fabrication partner from Taiwan.
In a regulatory filing to exchanges, the company said the agreement has been made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The plan envisages an initial monthly production target of 25,000 to 30,000 semiconductor wafers, subject to feasibility studies, regulatory clearances, and successful negotiations.
"The purpose of this MOU is to establish a framework under which "MIC "shall engage "Top2" to explore, identify, and finalize a semiconductor fabrication partner from Taiwan. The objective is to initiate semiconductor wafer production with an monthly target capacity of 25,000 to 30,000 wafers, subject to feasibility, negotiations, and regulatory compliance," the company stated in the exchange filing.
MIC clarified that there is no shareholding involved in the entity with which the MoU has been signed, nor does the agreement confer any special rights, such as board appointments or preferential capital rights. The company also confirmed that the agreement does not fall under the category of related party transactions.
The government has rolled out multiple incentive schemes in recent years to attract global semiconductor players and encourage local manufacturing.
For MIC Electronics, traditionally engaged in LED displays and electronic solutions, the move marks a diversification into a highly strategic and technology-intensive domain.
The semiconductor industry has emerged as one of the most critical sectors worldwide, with demand surging across automotive, consumer electronics, industrial automation, and emerging technologies like 5G and artificial intelligence. Taiwan, which houses leading global foundries, remains central to the global semiconductor value chain.
The company added in the exchange filing that any amendment, termination, or changes in the MoU will be duly disclosed to stock exchanges, in line with regulatory requirements.
India is projected to become a USD 100 billion semiconductor market by 2030. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)