Next Orbit Ventures the lead partner in ISMC, a consortium which applied to the government to set up a semiconductor fab plant, has decided to close an agreement to sell its entire stake in the company to the Delhi-based B C Jindal group.
Next Orbit, an investment company based in Mumbai, says it made the move after the Indian Semiconductor Mission or ISM — the body which scrutinises the fab proposals — suggested that it should rope in a strategic investor for the project to be considered.
Confirming the development, Ajay Jalan, founder and managing partner of Next Orbit, said the company is going to sell its entire stake in ISMC to the B C Jindal group in Delhi.
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