Micron confirms up to $825 million investment in India chip facility

OAKLAND, California : U.S. memory chip firm Micron Technology, Inc said on Thursday it would invest up to $825 million in a new chip assembly and test facility in Gujarat, India, its first factory in the country.

Micron said that with support from the Indian central government and from the state of Gujarat, the total investment in the facility will be $2.75 billion. Of that total, 50 per cent will come from the Indian central government and 20 per cent from the state of Gujarat. Reuters reported earlier this week that India's Cabinet approved the project ahead of Prime Minister Narendra Modi's state visit to the U.S., which kicked off on Wednesday.

Micron said construction of the new facility in Gujarat is expected to begin in 2023 and the first phase of the project will be operational in late 2024. A second phase of the project is expected to start toward the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Musk to brief Modi on Tesla's India investment plans in US meeting-sourceTesla chief executive Elon Musk will directly brief Indian Prime Minister Narendra Modi on plans to set up a manufacturing base there, a source with direct knowledge said. The meeting, the first at a high level to discuss the expansion, will take place on Tuesday during Modi's state visit to the United St
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »