Indian conglomerate Adani Group teamed with Israel’s Tower Semiconductor to build a $10 billion chip plant, providing a boost to the country’s ambitions around domestic manufacturing, the government announced.

In a post on X deputy chief minister of the Maharashtra state Devendra Fadnavis announced it has approved the investment, stating the facility will house the production of analog circuits and wafers. Bloomberg reported kit produced at the factory will power various devices from drones to cars and smartphones.

Fadnavis did not detail the timeline or arrangement of the project, but expects it to attract more than 5,000 jobs. He added the factory will target the production of 40,000 wafers per month in the first phase and 80,000 wafers per month in the second phase.

A person close to the matter told Bloomberg construction of the facility will take three to five years, with Adani largely funding its portion of investment through “internal accruals and some debt”.

The facility will reportedly be part of the conglomerate’s enterprise unit.

Adani is undergoing a massive business restructure following allegations of financial misconduct by US investor and research group Hindenburg Research, a scandal which caused the conglomerate to lose billions in market value.

Meanwhile, Tower Semiconductor was subject to a takeover bid by Intel last year, but a $5.4 billion deal fell through. The US chip giant then committed to invest $300 million in Tower Semiconductor, capital it deployed to purchase chip equipment and other assets for a plant in New Mexico.