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Cabinet approves Micron’s $2.7 bn semiconductor packaging plant ahead of PM Modi’s US visit: Report
The government will provide production-linked incentives worth ₹11,000 crore ($1.34 billion) for the semiconductor plant, the report said.
The Indian cabinet has given its approval to US chipmaker Micron Technology's plan to invest $2.7 billion to set up a semiconductor testing and packaging unit in Gujarat, Reuters reported on Tuesday.
The cabinet approval comes ahead of Prime Minister Narendra Modi's visit to the United States this week.
The government will provide production-linked incentives worth ₹11,000 crore ($1.34 billion) for the semiconductor plant, the report said.
Micron's Assembly Testing Marking and Packaging will be built in Sanand, the report added citing source.
The report said Micron Technology's plans come as the White House presses US chip companies to invest in India with talks ongoing about possible further investments.
The Biden administration wants the US companies to decrease the risks of doing business in China while better integrating the United States economy with that of India, the report added citing US officials.
This investment is expected to boost India's semiconductor industry and aligns with Prime Minister Modi's vision of making India a global hub for semiconductor production.
The new facility is anticipated to create jobs and enhance India's capabilities in the sector, contributing to its digital ambitions and self-reliance in advanced technologies.
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Business NewsCompaniesNewsCabinet approves Micron’s $2.7 bn semiconductor packaging plant ahead of PM Modi’s US visit: Report
First Published:20 Jun 2023, 10:57 PM IST
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