SMIC will invest $8.87 billion (roughly Rs. 64,830 crores) to build a chip plant in Shanghai, expanding capacity amid a global chip shortage as Beijing pushes to boost independence in the sector. The expansion by China’s largest chipmaker comes as the shortage rattled the automotive and electronics industries, spurring new capacity plans by firms like Taiwan Semiconductor Manufacturing Corp and GlobalFoundries. SMIC said it agreed to build a production line with monthly capacity of 100,000 12-inch wafers in the Lingang Free Trade Zone (FTZ) in the Pudong district of China’s business hub. The plan will focus on integrated circuit foundry…