It was announced last year that the UK-Based SRAM & MRAM Group will invest Rs 2 lakh crore in Odisha to set up a semiconductor unit. Now, the conglomerate has confirmed that the state has received Rs 30,000 crore in the first phase of investment.
An MoU was signed between IPICOL, the government of Odisha, and SRAM & MRAM Technologies to construct the semiconductor fab project in the state. The group’s investment arm Startup Wings leads the investment in the state.
An official confirmed that the UK company will bring global technology partners, who will get involved in the production of semiconductors in Odisha.
Dr Sailesh Lachu Hiranandani, Chairman of SRAM & MRAM Group, said: “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, said the Odisha government is optimistic about the group’s potential and the growth of the state’s semiconductor industry.
Gagan Verma, Co-Founder, Startup Wings, stated: “The investment by the group is strategic. This will certainly pave the way for future investments and development in the region in varied sectors while creating a long-lasting impact with its own niche.”
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.
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