The UK-based SRAM & MRAM Group declared last year that they would invest Rs 2 lakh billion in Odisha to establish a semiconductor factory. The company has now revealed that Rs 30,000 crore in initial investment was given to the state.
A brief about Odisha receives 30000 cr in the first phase of investment to establish a semiconductor unit from a UK company
To build the semiconductor fab project in the state, SRAM & MRAM Technologies, IPICOL, and the government of Odisha inked an MoU. Startup Wings, the group’s investment arm, is in charge of investments in the state.
An official acknowledged that the UK company would bring in outside technology partners to help with semiconductor manufacturing in Odisha.
The chairman of SRAM & MRAM Group, Dr. Sailesh Lachu Hiranandani, said: “This investment has been in the works for a very long time, and we are pleased to see it materialising into a reality. One of the top priorities in all we do is the development of the nation. With this partnership, we hope to achieve some truly significant successes.
The Odisha government is excited about the group’s potential and the expansion of the state’s semiconductor industry, according to Gurujee Kumaran Swami, Vice-Chairman of SRAM & MRAM Group.
Startup Wings co-founder Gagan Verma said: “The group’s investment is strategic. With its unique niche, this will undoubtedly open the door for upcoming investments and development in a variety of areas around the region.
Separately, the state of Odisha and the Epic Foundation signed a Memorandum of Understanding (MoU) late last year to allow the state to design and produce chips and devices. In order to fulfil the rising demand for devices in the education and healthcare sectors, it was stated at the time that the initial focus of the cooperation would be the creation of a tablet PC.
Creating an ecosystem of design, production, distribution, and service companies to meet local, national, and international demand for chips and electronics is the larger objective of the relationship with Epic.
However, in light of continued US chip import restrictions on China, India is striving to become a hub for semiconductors. The country is well-positioned to develop a robust chip business in the next three to four years as a result of enabling laws and the government’s efforts to boost its manufacturing environment, according to Union IT Minister Ashwini Vaishnaw.
