d. Politics. Large industrial projects in India, especially those with a lot of foreign investment potential get politically co-opted, so it's a very risky move

d. Politics. Large industrial projects in India, especially those with a lot of foreign investment potential get politically co-opted, so it's a very risky move for any large company - you need a lot of political capital to setup a new large fab in India. (which is why this ISM thing is important - it sets up the stage from the center)