Chip maker Applied Materials to invest Rs 3,600 crore: Karnataka minister

(Catch all the Technology News News, and Latest News Updates on The Economic Times.)

SynopsisAccording to a statement issued by the Minister's office, with the signed MoU for the project being received, Patil explained that Applied Materials would focus its investment on research and development, manufacturing of essential equipment, and developing software technologies required for semiconductor chip production.

ReutersA smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/IllustrationApplied Materials, a US-based semiconductor chip manufacturing company, will invest Rs 3,600 crore in Karnataka over the next 10 years, state Minister for Large and Medium Industries M B Patil said on Tuesday.

He said the project, which will come up in the Bengaluru Signature Business Park area, is expected to create 1,000 jobs.

According to a statement issued by the Minister's office, with the signed MoU for the project being received, Patil explained that Applied Materials would focus its investment on research and development, manufacturing of essential equipment, and developing software technologies required for semiconductor chip production.

This is the first industrial project of its kind to be taken up in the Bengaluru Signature Business Park area, he said.

The minister said that the company's investment, given its strong presence in materials engineering, would further strengthen the ecosystem supporting the sector.

He assured that the government would extend full support to the company at every stage of the project.

"Applied Materials has been operating in India for two decades and has made Bengaluru one of its key operational centres. It is welcome that the company has chosen Karnataka for its future investments as well," Patil added.

Read more news onApplied Materials investmentKarnataka semiconductor industryBengaluru Signature Business Parksemiconductor manufacturingM B Patiljob creation in Karnataka

(Catch all the Technology News News, and Latest News Updates on The Economic Times.)

Elevate your knowledge and leadership skills at a cost cheaper than your daily tea.

Come January 2027, will India’s online platforms get their own Tukaram?Four rules made HDFC Bank a compounder. All four have stopped. Can the new CEO rewrite them?Gold rush on Dalal St as regional jewellers bid to be the next TanishqHormuz is a state, not a strait. There are 10 other possible chokepoints for the global economy, including IndiaWill the yuan become the new yen?Bigger or Better: One order from Power Grid Corp added $1 billion to the market cap of a company – Final partBanks have received a flood of money. Now comes the real testNew aircraft order opens door for ATR assembly line in IndiaAn old India Inc habit: Ignore the nudge, wait for the stickSeason of change in accounting policy: A simple AI prompt can tell you a lot