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NXP Semiconductors to invest over $1 billion in India for R&D
Industry News- Sep 12,24
The country's semiconductor market is projected to reach $63 billion by 2026.
NXP Semiconductors is set to invest more than $1 billion in India, significantly increasing its research and development (R&D) activities. CEO Kurt Sievers announced the plan at the Semicon India conference near New Delhi. This move reflects the growing interest of global companies in establishing a stronger presence in India’s emerging semiconductor industry.
Sievers highlighted that NXP aims to double its R&D efforts in the country over the coming years, with the investment far exceeding the $1 billion mark. The company currently operates four semiconductor design centres in India, employing around 3,000 people, and is engaging with the automotive sector and other industries.
Although semiconductor manufacturing in India is still developing, it plays a crucial role in the nation’s economic strategy. India has allocated a $10 billion incentive package to boost its semiconductor industry, aiming to compete with global leaders like Taiwan. The country's semiconductor market is projected to reach $63 billion by 2026.
Major players such as Nvidia and AMD have established significant R&D centres in India, highlighting its increasing importance in the global semiconductor ecosystem and the need to reduce reliance on traditional hubs like China and Taiwan.
Prime Minister Narendra Modi emphasized India's growing contribution to chip design talent, noting that the country is preparing a workforce of 85,000 technicians, engineers, and R&D experts. In February, India approved the construction of three semiconductor plants worth Rs 1.26 trillion ($15 billion), involving firms like Tata Group and CG Power, as part of its ambition to become a major electronics hub.
Additionally, Sanjay Mehrotra, CEO, Micron announced plans for a $2.7 billion testing and packaging unit in Gujarat, which is expected to create approximately 5,000 jobs. Applied Materials also committed $400 million over four years to establish a new engineering centre in India.
NXP, which recently reported its worst quarterly revenue decline in four years and forecast lower-than-expected third-quarter revenue, is positioning itself to address the growing demand for automotive chips.
(Reuters & Business Standard)
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