NXP Semiconductors' Billion-Dollar Bet on India's R&D

NXP Semiconductors plans to invest over USD 1 billion to double its research and development activities in India. The company also aims to significantly increase its workforce, contributing to India's economy and job market. Renesas Electronics and Tata Electronics also announced similar commitment towards India's semiconductor industry.

NXP Semiconductors is poised to invest over USD 1 billion to expand its research and development efforts in India, according to the company's top official. Speaking at Semicon India 2024, NXP Executive Director, President and CEO Kurt Sievers emphasized the company's engagement with various sectors, including automotive and industrial, which are pivotal to India's economic future.

Sievers disclosed that NXP aims to double its R&D investments in India, far exceeding a billion-dollar mark. 'We have been in India for about 50 years and employ some 3,000 engineers who have designed groundbreaking semiconductor devices. Moving forward, we will focus on innovations both for the global market and for India,' he noted.

During the event, Renesas Electronics CEO Hidetoshi Shibata revealed a partnership with CG Power to establish a semiconductor assembly and test plant, alongside plans to double its workforce in India by next year. Tata Electronics CEO Randhir Thakur also declared that the semiconductor sector will play a key role in India's development, aiming to create 50,000 jobs as part of this progress.

(With inputs from agencies.)