Micron confirms up to US$ 825 million in investment in new India’s chip facility
- IBEF
- June 23, 2023
American semiconductor company Micron Technology disclosed plans to invest up to US$ 825 million in a new chip production and testing plant in India. The company's first factory in the nation will be in Gujarat. The company also mentioned that with support from the Centre and Gujarat government, the total investment in the factory will be US$ 2.75 billion. Out of this 50% contribution will come from the Central government and 20% from the state of Gujarat.
Recently, multinational corporations have started taking India significantly as a semiconductor investment location. India has been promoting itself as a desirable location for semiconductors and electronics. A production-linked incentive (PLI) scheme has been put in place for the industry.
According to Chief Executive Officer, Micron Technology, Mr. Sanjay Mehrotra, the company is looking forward to greater opportunities in India. Micron is a global leader in memory and storage and is a supplier of memory and storage in all end markets from data centres to smartphones to personal computers (PCs). The construction of the facility in Gujarat is expected to start in 2023. The first phase of the project will likely be operational in late 2024. The company further mentioned that the two phases combined will generate up to 5,000 new direct Micron jobs.
The Indian semiconductor market was valued at US$ 27.2 billion in 2021. It has been growing at a healthy Compound Annual Growth Rate (CAGR) of nearly 19% to touch US$ 64 billion in 2026.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
