NXP CEO Kurt Sievers said that the planned capital infusion will likely be utilised to double down on the company’s research and development efforts
He added that NXP is in talks with Indian companies in the automotive sector and other sectors to expand its partner base
This comes on the same day as PM Modi announced a special reserve fund with an outlay of INR 1 Lakh Cr to drive innovation in the semiconductor sector
NXP CEO Kurt Sievers on Wednesday (September 11) said that the Dutch semiconductor design company will invest more than $1 Bn in India over the next few years.
Speaking at Semicon India 2024, Sievers said that the planned capital infusion will likely be utilised to double down on the company’s research and development (R&D) efforts.
“NXP is committed to double its R&D efforts here in the country in the next few years, which is far in excess of a billion dollars,” said Sievers.
He added that NXP is in talks with Indian companies in the automotive sector and other sectors to expand its partner base.
He also underlined that India’s bullish perspective on semiconductor development will have a multiplier effect on other sectors, adding that the push will propel India to become a “powerful economy” in the next few years.
The Dutch semiconductor company has been operational in India for the past 50 years and operates four semiconductor design centres in India in Noida, Bangalore, Hyderabad and Pune.
While it is present in over 30 countries, it says that India is one of its largest R&D design centres.
“We have some 3,000 employees and engineers. We have designed some of the most innovative semiconductor devices for the world. In India, the transformation I am seeing now is that for the future, we will not only work in India for the world, but we will also work in India for India,” Sievers said as per news agency PTI.
Sievers’ comments came on the sidelines of the mega Semicon India 2024 in Delhi NCR. On the first day, Prime Minister Narendra Modi said that the government has set up a special reserve fund with an outlay of INR 1 Lakh Cr to drive innovation in the semiconductor and science & technology sectors.
This comes on the same day as IT minister Ashwini Vaishnaw said that the second phase of the India Semiconductor Mission (ISM) will be kickstarted in the next three to four months and will be focussed on bringing niche players including raw material suppliers and component companies to India.
Launched in 2022, ISM aims to build a vibrant semiconductor and display ecosystem in the country. The government plans to extend support to players in the semiconductor ecosystem directly for 10 years under the scheme.
Just a day ago, the PM told a clutch of CEOs and executives of semiconductor companies that the government is looking at reducing compliance burden and attracting more investment to the country.
