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Next Orbit to sell its entire stake in ISMC to Delhi-based B C Jindal group

Sources say the sale is subject to the project getting clearance from the government

Dilip Jose, MD & CEO, Manipal Hospitals
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Dilip Jose, MD & CEO, Manipal Hospitals

Surajeet Das Gupta New Delhi

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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