Micron signs MoU with India for semiconductor plant

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Micron signs MoU with India for semiconductor plant
Micron signs MoU with India for semiconductor plant

The company said that the construction of the new semiconductor plant in Gujarat is expected to begin in 2023, and the first phase of the project will be operational in late 2024 

To build the first semiconductor plant in India, US memory chip firm Micron Technology signed a memorandum of understanding with the Indian government on Wednesday.

Micron said last week it will invest up to $825 million (nearly Rs. 6,850 crore) to build the semiconductor plant. The total investment will be $2.75 billion (nearly Rs. 22,560 crore) with support from the Indian central government and the state of Gujarat, it added.

The facility will be constructed in Sanand, near the city of Ahmedabad in Gujarat.

Of that total investment, 50 percent and 20 percent will come from the Indian central government and the state of Gujarat, respectively. India’s Cabinet approved the project ahead of Prime Minister Narendra Modi’s state visit to the US, which kicked off last Wednesday.

The company said that the construction of the new semiconductor plant 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 in the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.

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