Britain's SRAM & MRAM Group to invest Rs 30,000 crore in Odisha for semiconductor unit

Multiple players are looking to make India a manufacturing hub of semiconductors (Representative image)

SRAM & MRAM Group, the UK-based diversified group, on April 13 announced it will set up a semiconductor unit in Odisha state, with an investment of Rs 30,000 crore in the first phase.

The group said it has inked a memorandum of understanding (MoU) with the Industrial Promotion & Investment Corporation of Odisha (IPICOL), and the government of Odisha.

"The investment will be made and utilised in a phased manner. In the first phase, the group will invest Rs 30,000 crore. The group will be tying up with global leaders in semiconductors for technical collaboration," the group said in a press release.

"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," SRAM & MRAM Group Chairman Sailesh Lachu Hiranandani said.

"With this collaboration, we are eyeing at some real major achievements rolling our way,” he added.

With the demand for semiconductor chips shooting across the world, India is looking towards increasing its manufacturing prowess.

The Economic Survey 2023 document tabled on January 31 stated multiple players are looking to make India a manufacturing hub of semiconductors and have made the investment outlook in this sector positive.

The survey report listed Israel-based International Semiconductor Consortium’s MoU  to invest Rs 22,900 crore in Karnataka to set up India’s first chip-making plant. Vedanta and Tata Group are two domestic companies with interests in the semiconductor business.

“While these are early stages, global and domestic players have evinced interest based on the prospects for the semiconductor industry in India and the fiscal incentives provided,” the survey report had said.