US-based semiconductor services company Lam Research plans to invest Rs 10,000 crore in India, a company executive announced at the Invest Karnataka Global Investors Meet.
Sesha Varadarajan, senior vice president of LamResearch, announced that the company signed a memorandum of understanding with Karnataka Industrial Areas Development Board. Through this partnership, the investment will be made in specific projects over the next few years, he said.
Following the announcement, Union IT minister Ashwini Vaishnaw posted on X: "One more milestone in our semiconductor journey: Lam Research announces major investment of over Rs 10,000 cr in India. Big vote of confidence in the PM's semiconductor vision."
The investment is in tandem with India's efforts to build a semiconductor ecosystem with the India Semiconductor Mission initiative. Under the ISM, five semiconductor units have recently been approved for subsidies from both central and state governments, with a total outlay of Rs 76,000 crore.
Following the announcement, Rangesh Raghavan, corporate vice president and GM India at Lam Research, underscored that in July 2024, Lam announced its decision to expand its supply chain to India.
"Significant progress is already made with several custom parts and high precision components made by suppliers in India passing Lam's qualification cycle. Plans are underway to scale the India supply chain operation over the next few years to support global resilience objective," Raghavan posted on LinkedIn
Lam's success in India is predicated on the continued availability of high-quality engineering talent in India. "So, we are making several contributions to India's education and skills development programs," he added.
Lam Research's association with India and the state of Karnataka dates back 25 years. Since 2001, Lam India has steadily increased in contributions to the company's global operations in scope and scale, with the India Center for Engineering in Bengaluru now a critical part of its global R&D and operations footprint, Raghavan explained.
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