Microchip Technology , a Nasdaq-listed firm that provides smart, connected, and secure embedded control solutions, has announced an investment of $300 million in India over the next 4-5 years to exapnd its operations in India.
The company has about 2,500 employees in India across its centres in Bengaluru, Chennai, and Hyderabad.
Ganesh Moorthy, President and Chief Executive Officer of Microchip, has said that the investments here would help us benefit from and contribute to the country’s increasingly important role in the global semiconductor industry.
Addressing a press conference on Monday, he said the investments would go into additional improvements to Microchip’s Bengaluru, Chennai, and Hyderabad facilities.
Moorthy was in the city in connection with the inauguration of the company’s new research and development centre. Telangana IT and Industries Minister K T Rama Rao and IT Secretary Jayesh Ranjan were also present at the inauguration of the new premises.
The company acquired five floors for its 1.68 lakh sq ft R&D centre in the 15-storyed One Golden Mile office tower in Hyderabad. The centre, which has about 500 employees, can house 1,000 employees.
The operations in India provide support 2,000 customers in the region and make contributions across more than 25 business units that develop solutions for industrial, automotive, data centre, aerospace and defence, communications and consumer industries.
“Microchip’s investments in India over nearly two and a half decades have augmented its headcount growth, resulting in building a center of excellence for engineering deliverables and solutions for Microchip’s global success,” Krishna Moorthy, President and CEO of the India Electronics and Semiconductor Association (IESA), said.
IESA and Counterpoint Research recently reported that India’s semiconductor market is expected to reach $64 billion by 2026, which is nearly triple its 2019 size of $22.7 billion.
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