India has approved allocating up to $15.2 billion (1.26 trillion Indian rupees) to build three new semiconductor plants, including its first semiconductor fab facility -- part of the country's big bid to take on China, Taiwan and other countries in the chip race. On Thursday, the Indian cabinet approved the country's first semiconductor fab facility set up by the salt-to-software conglomerate Tata Group and Taiwan's Power Chip, which will be established in the Dholera region of Gujarat. The fab facility expects to have the capacity to produce 50,000 wafers per month, and it aims to manufacture 3 billion chips annually for a variety of market segments, including high-power computers, electric vehicles, telecom and power electronics.