Microchip Technology (MCHP) Announces $300M Expansion in India
Microchip Technology Incorporated (Nasdaq: NASDAQ:), a leading provider of smart, connected and secure embedded control solutions, today announces a multi-year initiative to invest approximately $300 million in expanding its operations in India, one of the world’s fastest-growing semiconductor industry hubs.
“Microchip is making a significant strategic commitment to growing our operations in India, whose meteoric growth has established it as one of the top sources of business and technical resources in our sector,” said Ganesh Moorthy, President and CEO of Microchip. “Our investments here will enable us to both benefit from and contribute to the country’s increasingly important role in the global semiconductor industry.”
Microchip’s planned investments are focused on:
- Additional improvements to Microchip’s Bangalore and Chennai facilities and the new research and development center in Hyderabad that the company inaugurated in a ceremony today
- Expanding and enhancing its engineering labs
- Serving the technical and business support requirements of a large and growing set of customers in India
- Accelerating hiring as the company taps into India’s growing talent pool
- Sponsoring technical consortia and supporting academic institutions and programs
- Launching a variety of Corporate Social Responsibility (CSR) programs tailored to regional needs
Approximately 2,500 Microchip employees in India are integral to the company’s semiconductor design and development, sales and support, IT infrastructure and application engineering operations. They strengthen corporate initiatives, support 2,000 customers in the region and make valuable contributions across more than 25 business units that develop solutions for industrial, automotive, data center, aerospace and defense, communications and consumer industries.
“Microchip’s investments in India over nearly two and a half decades have augmented its headcount growth, resulting in building a center of excellence for engineering deliverables and solutions for Microchip’s global success,” said Krishna Moorthy, President and CEO of the India Electronics and Semiconductor Association (IESA). “We look forward to celebrating Microchip’s continued progress in India as it embarks on this impressive growth campaign.”
IESA and Counterpoint Research recently reported that India’s semiconductor market is expected to reach $64 billion USD by 2026, which is nearly triple its 2019 size of $22.7 billion USD. The Semiconductor Industry Association wrote in its February 2023 India Semiconductor Sector white paper that the country now accounts for 20 percent of the total global design workforce. Together, IESA and SIA announced in January 2023 their plans to jointly build on what India has already accomplished as a major hub for semiconductor research, chip design and equipment engineering, with the goal of unlocking even greater future potential.
