NXP Semiconductors To Funnel more than USD 1 Billion in India

NXP Semiconductors will fund more than $1 billion in India, doubling its research and development efforts, the Dutch firm's CEO added, joining global names doubling down on a nation looking to establish its presence in the sector.

"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," CEO Kurt Sievers said at Semicon India conference near New Delhi.

He mentioned that the company is currently negotiating with the automotive sector and other industries within the country, where it operates four semiconductor design centers and employs approximately 3,000 people.

While chip manufacturing is still in its early stages in India, it plays a vital role in the country's economic plans, with a $10 billion stimulus package dedicated to enhancing its efforts to compete with leading chip producers such as Taiwan. India anticipates that its semiconductor industry will reach a value of $63 billion by the year 2026.

Significant companies such as Nvidia and AMD have created large research and design hubs in the nation, highlighting its increasing significance in the global network striving to lessen its dependence on countries like China and Taiwan.

In February, India approved the building of three semiconductor factories valued at 1.26 trillion rupees ($15 billion) for companies like Tata Group and CG Power, as part of its efforts to become a leader in electronics.