PM Modi US visit: In one of the breakthrough outcomes of the Prime Minister Narendra Modi's visit to United States, the Micron Technology on Thursday announced that it will set up a semiconductor test, assembly plant in Gujarat with a total investment of USD 2.75 billion.
As PM Modi's US visit is underway, Micron Technology in a statement said, "Micron to invest USD 825 million in the semiconductor test, assembly plant while the rest of finance will come from the government.
"With respect to semiconductors, Micron Technology with support from Indian National Semiconductor mission announced an investment of more than $800 million that together with additional financial support from the Indian authorities up to a $2.75 billion semiconductor assembly and test facility in India," Senior US Administration officials said.
Meanwhile, in another development, White House officials on Thursday said that in the space sector, "...we will be able to announce that India is signing the Artemis Accords, which advance a common vision for space exploration for the benefit of all humankind."
Micron's plant has been approved under the government's “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme”.
Under the scheme, Micron will receive 50 per cent fiscal support for the total project cost from the Indian central government and incentives representing 20 per cent of the total project cost from the state of Gujarat.
"Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 500,000 square feet of planned cleanroom space, will start to become operational in late 2024," Micron said in a statement.
Micron said that the plant will create up to 5,000 new direct jobs and 15,000 community jobs over the next several years.
"Micron's new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets," the statement said.