| Archean Chemical Industries has entered into a loan agreement of Rs 150 crore with the wholly owned subsidiary, Neun Infra.
The loan is intended to address immediate funding requirements of SiCSem for commencement of procurement of long-lead machinery, equipment, and associated items, which are essential to maintain project timelines, pending execution of the Fiscal Support Agreement (FSA) with the Government of India under the India Semiconductor Mission (ISM) framework.
Neun Infra is the holding company for SiCSem, which has received approval under the India Semiconductor Mission for setting up a compound semiconductor and ATMP manufacturing facility in India. The proposed funding is aligned with advancing early-stage capital commitments of the approved project. |