Wednesday, February 21, 2024
ad
HomeNewsUK-Based Firm Invests ₹30,000 Crore in Odisha to Set Up a Semiconductor...

UK-Based Firm Invests ₹30,000 Crore in Odisha to Set Up a Semiconductor Unit

The UK-based firm SRAM & MRAM Technologies and Projects India Pvt Limited has planned to launch the unit within two years.

A UK-based firm plans to invest ₹30,000 crores in the first phase to set up a semiconductor fabrication unit in Odisha’s Ganjam district. The SRAM and MRAM Technologies and Projects India Pvt. Limited is the Indian unit of the UK-based SRAM and MRAM group. 

On March 26, the firm signed a Memorandum of Understanding (MoU) with the state government to set up the semiconductor unit in the state. 

The Group Vice Chairman, Dr.Gurujee Kumaran Swami, conducted a meeting with the district administration at Chhatrapur after visiting nearby sites in the district. The company officials visited other areas of the districts as well but preferred a location close to Chhatrapur due to Gopalpur port, a dedicated industrial corridor, an airstrip, and a national highway, besides the availability of clean water and energy required for fabrication units.

Read More: India-US partner to compete against China in military equipment, semiconductors, and AI

Shri Dibya Jyoti Parida, the collector of Ganjam, has assured the investors availability of all facilities for setting up the unit.

“We have visited some sites, including the industrial park of Tata and some private lands for the establishment of the proposed semiconductor unit. A technical team of the company will visit the district to finalize the site,” said Debadutt Singhdeo, project director of the firm.

According to officials, the firm requires approximately 500-800 acres of land to establish the Semiconductor unit. They have planned to launch the unit within two years and provide employment to around 5000 people.

The firm will produce memory chips that are used in laptops, mobiles, televisions, ATMs, and air conditioners. As the country is not self-reliant in producing semiconductors, it imports approximately ₹3 lakh crore semiconductors annually from other countries.

Berhampur MP Chandra Sekhar Sahu, “The project will boost industrialization in the district.” Due to increasing industrial policy, many industries are interested in investing, and this will aid in generating employment as well as address the semiconductor requirement in India, Sahu said.

Subscribe to our newsletter

Subscribe and never miss out on such trending AI-related articles.

We will never sell your data

Join our WhatsApp Channel and Discord Server to be a part of an engaging community.

Tejaswini Kasture
Tejaswini Kasture
I'm a Computer Engineer with a passion for app development and writing. Currently, writing content within the Analytics Drift Content team. Passion for technology helps me to adapt to new waves of innovation that affect every aspect of our lives. Apart from my technical interests, I also like hiking and dancing.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular