UK-based SRAM & MRAM Group has confirmed that Odisha, an Indian state, has received INR 30,000 crore ($4 billion) during the initial investment phase of a semiconductor unit that the conglomerate plans to build in the state. The group had previously announced that it will invest INR 2 lakh crore ($27 billion) to establish the semiconductor unit, which is expected to bring global technology partners to Odisha to participate in semiconductor production.
Odisha’s Semiconductor Fab Project
The government of Odisha, the Investment Promotion and Facilitation Company of Odisha (IPICOL), and SRAM & MRAM Technologies signed a memorandum of understanding to develop the semiconductor fab project in the state. The group’s investment arm, Startup Wings, leads the state’s investment.
According to the officials, the UK-based technology partners will participate in the production of semiconductors in Odisha. The conglomerate has not provided details of the technology partners.
SRAM & MRAM Group’s Expansion Plans
SRAM & MRAM Group Chairman Dr. Sailesh Lachu Hiranandani has expressed his delight that the long-planned investment has finally come to fruition, adding that the country’s development is one of the group’s top priorities. Meanwhile, Vice-Chairman of SRAM & MRAM Group Gurujee Kumaran Swami stated that the Odisha government is optimistic about the group’s potential and the expansion of the state’s semiconductor industry.
Semiconductor Hub in India
India is looking to become a semiconductor hub, as the US has imposed restrictions on chip exports to China. Union IT Minister Ashwini Vaishnaw recently stated that India is well-positioned to establish a thriving chip industry within the next three to four years due to enabling policies and the government’s efforts to strengthen its manufacturing ecosystem.
Partnership with Epic Foundation
Apart from the partnership with SRAM & MRAM Group, the Odisha government and Epic Foundation signed a memorandum of understanding at the end of last year to enable the state to design and manufacture chips and devices. Initially, the partnership will focus on creating a tablet PC to meet the increasing demand for devices in the healthcare and education sectors. The partnership with Epic aims to build an ecosystem of design, manufacturing, distribution, and service organizations to meet the demand for chips and electronics at the local, national, and global levels.
