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

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