US headquartered Micron Technologies (MT) will set up a semiconductor manufacturing facility in India, a government official said on Tuesday, June 27.
He said that MT, ranked as the fifth largest semiconductor producer in the world, has selected western state of Gujarat for its Indian venture wherein the first phase it will construct new assembly line and testing facility scheduled for completion end-2024 and cater to both domestic and overseas markets.
According to the official, MT’s venture was sealed during Indian Prime Minister Narendra Modi’s recent state visit to US during which he met MT’s CEO Sanjay Mehrotra inviting the latter to set up a semiconductor manufacturing unit in the country.
The total investment of MT across phases is an estimated $2.75 billion and the project eligible to receive fiscal support from the Indian government to extent of 50 percent of total project cost.