Two Indian companies to pick up over 26% but less than 51% stake in ISMC

Next Orbit director refuses to divulge names though talks were reportedly on with HCL, Reliance Industries

SMC, a consortium led by Mumbai-based investment company Next Orbit, one of the three players to have applied to the government for setting up a fabrication plant, has rejigged its shareholding structure. It will now include two Indian companies, which will have more than 26 per cent but less than 51 per cent stake in the venture.

Elaborating on the shareholding structure, which it has submitted to the government, Next Orbit Director Ajay Jalan said: “We will now have four investors: Tower Semiconductor of Israel, our technology partner that will take 10-15 per cent stake (it has been bought over