India is aiming to change into a hub for semiconductors amid ongoing US chip restrictions to China. (Shutterstock)
SRAM & MRAM Group will deliver international know-how companions, who will get entangled in the manufacturing of semiconductors in Odisha
It was introduced final yr that the UK-Based SRAM & MRAM Group will make investments Rs 2 lakh crore in Odisha to arrange a semiconductor unit. Now, the conglomerate has confirmed that the state has acquired Rs 30,000 crore in the primary section of funding.
An MoU was signed between IPICOL, the federal government of Odisha, and SRAM & MRAM Technologies to assemble the semiconductor fab undertaking in the state. The group’s funding arm Startup Wings leads the funding in the state.
An official confirmed that the UK firm will deliver international know-how companions, who will get entangled in the manufacturing of semiconductors in Odisha.
Dr Sailesh Lachu Hiranandani, Chairman of SRAM & MRAM Group, mentioned: “This investment has been in the pipeline for a very long time and we are happy to see it finally shaping up into a reality. The development of the country is one of the priorities of all that we do. With this collaboration, we are eyeing some real major achievements rolling our way.”
Meanwhile, Gurujee Kumaran Swami, Vice-Chairman of SRAM & MRAM Group, mentioned the Odisha authorities is optimistic in regards to the group’s potential and the expansion of the state’s semiconductor trade.
Gagan Verma, Co-Founder, Startup Wings, said: “The funding by the group is strategic. This will definitely pave the way in which for future investments and improvement in the area in various sectors whereas making a long-lasting affect with its personal area of interest.”
Separately, the Odisha government and Epic Foundation inked an MoU late last year for the state to design and manufacture chips and devices. At that time, it was said that the initial partnership will centre on the development of a tablet PC to meet the growing demand for devices in the education and healthcare sectors.
The partnership with Epic has a broader goal of creating an ecosystem of design, manufacturing, distribution, and service organisations to address local, national, and worldwide demand for chips and electronics.
However, India is aiming to become a hub for semiconductors amid ongoing US chip restrictions to China. Union IT Minister Ashwini Vaishnaw also stated recently that the country is well-positioned to create a thriving chip sector in the next three to four years as a result of enabling policies and the government’s efforts to strengthen its manufacturing ecosystem.
Read all of the Latest India News right here
