US semiconductor toolmaker Applied Materials on Thursday (June 22) announced its plans to invest $400 million over the next four years in a state-of-the-art engineering center in India.
The decision comes after Indian Prime Minister Narendra Modi held discussions with Applied's CEO Gary Dickerson during their meeting in Washington on Wednesday.
Prime Minister Modi extended an invitation to Applied Materials to strengthen India's chip industry, leading to this significant investment.
This deal is part of a series of notable announcements in the tech sector this week. General Electric (GE) has entered into a partnership with state-owned Hindustan Aeronautics Ltd to jointly produce jet engines for the military. Furthermore, Micron, a prominent data storage chipmaker, has revealed its plan to invest a staggering $825 million in the construction of a new factory in India.
Following his meeting with Prime Minister Modi, Tesla CEO Elon Musk also made headlines by expressing his company's intention to establish a presence in India as quickly as possible. The discussions between Modi and Musk have opened up prospects for future collaborations and developments in the automotive sector.
Applied Materials' new engineering center is expected to be located near its existing facility in Bengaluru, commonly known as India's Silicon Valley. The centre is projected to support over $2 billion in planned investments and create around 500 advanced engineering jobs, according to statements made by the company.
Currently, Applied Materials operates across six sites in India and maintains strong partnerships with esteemed academic institutions such as the Indian Institute of Science in Bangalore and the Indian Institute of Technology in Mumbai.