Microchip Launches Around $300 Mln Investment Plan To Boost Its Indian Operations

(RTTNews) - Microchip Technology Inc. (MCHP), an embedded control solutions provider, on Monday launched a multi-year initiative to invest around $300 million to expand its operations in India.

Ganesh Moorthy, CEO of Microchip, said: "…Our investments here will enable us to both benefit from and contribute to the country's increasingly important role in the global semiconductor industry."

The planned investment will focus on the funding for facilities, engineering labs, talent acquisition, and support for regional technology consortia and educational institutions.

The initiative aims to further improve Microchip's facilities in Bengaluru and Chennai, and the new research and development center in Hyderabad.

India's semiconductor market is expected to reach $64 billion by 2026, which is nearly triple of its 2019 size of $22.7 billion, according to the IESA and Counterpoint Research.