US semiconductors firm Micron Technology Inc. will invest ₹300 crore on setting up a facility in Hyderabad, the Telangana government said on Monday.
The company will be leasing about 1.8 lakh sq ft in an SEZ facility in Madhapur, an official release on the meeting of top Micron Technology executives with IT Minister K.T. Rama Rao here informed.
The investment would be upwards of ₹300 crore. The company would ramp up the headcount of engineering and IT professionals to nearly 1,000 over the next few years. This would be Micron’s largest presence in India.
Stating this, the release said Micron’s Senior Director-Asia Legal Stephen Drake and Director-Singapore Legal Amrinder Sidhu met the Minister and IT Secretary Jayesh Ranjan. It was a continuation of the meetings the Nasdaq-listed firm had been having over the last few months with Mr.Rao as part of its interest in investing in Telangana.
$51-billion cap
A global leader in semiconductors, Micron has a market cap of $51 billion. The company has a large presence in Singapore, Taiwan, Japan, China and Malaysia and was contemplating increasing its presence in India. The product portfolio of the company pertains to high-performance memory and storage technologies.
Its memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning and autonomous vehicles, in key market segments like cloud, data centre, networking and mobile.
The release said Micron would also be working with Telangana Academy for Skills and Knowledge (TASK) for recruiting young engineers and this would be fully facilitated by the government. It would be connecting with T-Hub and T-Works on the innovation front.
Mr. Rao said Micron’s presence would boost the electronics and semiconductors vertical in Hyderabad, according to the release.
