Asia Tech Wire (Sep 3) -- The Indian government on Monday announced the approval of Kaynes Semicon's proposal to set up a semiconductor plant in Sanand, Gujarat.

Kaynes SemiCon is a 100% subsidiary of Kaynes Technology, an end-to-end and IoT solutions-enabled integrated electronics manufacturer in India.

The company plans to invest 33 billion rupees ($393 million) in a plant with a daily capacity of 6 million chips.

The chips produced at the plant will have a wide range of applications in the industrial and automotive sectors, cell phone manufacturing, and other areas.