India will commence construction on its inaugural semiconductor assembly plant and aims to start manufacturing its own microchips within the country by the end of 2024, the Financial Times reported on Wednesday.
Ashwini Vaishnaw, India’s minister of electronics and information technology, said that Micron Technology, the company establishing a chip assembly and testing facility in Gujarat, is scheduled to commence construction on the $2.75 billion project in August. The project, which has received government support, is set to move forward, the report added.
In the interview with Financial Times he said “This is the fastest for any country to set up a new industry. “Eighteen months is when we have targeted [the first] production to come out of this factory — that is, December of ‘24.” he added.
On Monday, Microchip Technology inaugurated its newly established research and development (R&D) center in Hyderabad. The company also revealed its intention to expand the workforce at the facility, aiming to double its headcount to 1,000 in the coming years. This new office is a crucial component of Microchip Technology's long-term initiative, which involves investing $300 million over several years.
Earlier, the Indian government decided to accept new applications to build Semiconductor Fabs and Display Fabs in the country, starting from June 1, 2023, through the Modified Semicon India Programme with an aim for development of semiconductors and display manufacturing ecosystem in India.
- Tech Mahindra Partners With SpaceXSI to Bring AI Into Software Engineering
- Infosys AI Revenue Rises 29% in Q2, FY27 Growth Guidance Cut
- LTM Launches BlueVerse Industrial AI Lab in Chennai
- Chariot Launches Speech Recognition Model for 10 Indian Languages
- Meta Expects Up To $145 Billion In Capex As AI Investments Expand
- Cyient's Technology Order Intake Rises 39.7% as It Expands AI Capabilities