US memory chip firm Micron Technology on Wednesday signed a memorandum of understanding with the Indian government to build a semiconductor plant, its first factory in the country.
Micron said last week that it will invest up to $825 million (almost Rs 6.85 billion) in the facility. With the support of the Indian central government and the state of Gujarat, the total investment will be 2.75 billion US dollars (almost 22,560 crore rupees), he added.
The facility will be built in Sanand, near the city of Ahmedabad in Gujarat.
Of that total investment, 50 percent will come from the Indian central government and 20 percent from the state of Gujarat. It was previously reported that the Indian cabinet approved the project ahead of Prime Minister Narendra Modi’s state visit to the US, which began last Wednesday.
Micron said construction of the new facility in Gujarat is expected to start in 2023 with the first phase of the project to be operational by the end of 2024. A second phase of the project is expected to start towards the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.
© Thomson Reuters 2023
