India semiconductor market: Odisha attracts Rs 30,000 crore investment from UK’s SRAM and MRAM Group

The UK-based diversified group SRAM & MRAM Group announced on April 13 that it will establish a semiconductor unit in the state of Odisha with an initial investment of Rs 30,000 crore. The organisation claimed to have signed an agreement with the Odisha government and the Industrial Promotion & Investment Corporation of Odisha (IPICOL).

“The investment will be made and utilised in a phased manner. In the first phase, the group will invest Rs 30,000 crore. The group will be tying up with global leaders in semiconductors for technical collaboration,” the group said in a press release.

“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,” SRAM & MRAM Group Chairman Sailesh Lachu Hiranandani said. “With this collaboration, we are eyeing at some real major achievements rolling our way,” he added.

India is aiming to improve its manufacturing capabilities as the demand for semiconductor chips is rising globally.

Multiple players are attempting to turn India into a centre for semiconductor manufacturing, according to the Economic Survey 2023 document, which was submitted on January 31. This has improved the investment outlook in this industry.

In order to build India’s first chip manufacturing facility, the International Semiconductor Consortium, based in Israel, signed an agreement to invest Rs 22,900 crore in Karnataka. Two domestic businesses with interests in the semiconductor industry are Vedanta and Tata Group.

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