New Delhi, Jan 10 (IANS): Tata Group on Wednesday announced plans to build a state-of-the-art semiconductor fabrication plant in Gujarat, as India begins the journey to become a global chip hub.

Tata Sons Chairman N. Chandrasekaran, speaking at the 10th Vibrant Gujarat Global Summit in Gandhinagar, said that Tata Group is on the verge of finalising and announcing a substantial semiconductor fabrication plant at Dholera in the state.

"We are about to complete negotiations for the semiconductor fab and start in 2024," he told the gathering.

The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months.

“This ambitious initiative marks a strategic move by Tata to bolster its presence in the renewable energy sector and contribute to India's growing focus on sustainable power solutions," said Chandrasekaran.

The Tata Group is also planning to build one of India's largest iPhone assembly plants in Tamil Nadu's Hosur.

According to media reports, the facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. The site is expected to be operational within 12 to 18 months.

In September last year, US-based Micron Technology started the construction of a Rs 22,500 crore facility in Sanand, Gujarat, that will set a benchmark for India’s semiconductor journey.

The engineering major Larsen & Toubro (L&T) has also announced to invest up to Rs 830 crore to build a fabless semiconductor chip design subsidiary which will ramp up the country's plan to become a semiconductor hub.