Micron Technology Inc is close to an agreement to commit at least $1 billion for setting up a semiconductor packaging factory in India, according to a Bloomberg report quoting people with knowledge of the matter. It will further diversify the company’s geographic footprint at a time of US tensions with China.
According to the report, the official announcement in this regard could be made during Prime Minister Narendra Modi’s visit to the US next week. It added that the investment commitment could go up to $2 billion, showing the significance of the company’s involvement in India’s semiconductor sector.
The deal will be a big push to PM Modi’s ambitious ‘Make in India’ plans, along with offering companies an opportunity to strengthen key supply chains outside of China. According to the Bloomberg report, US National Security Adviser Jake Sullivan has said removing barriers to technological trade between the two countries is a key part of Modi’s state visit.
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