SRAM & MRAM To Invest INR 30,000 Crore In Odisha To Set Up Semiconductor Unit The investment will be made and utilised in a phased manner, where in the first phase, the group will invest INR 30,000 crore

By Teena Jose

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UK-based global conglomerate SRAM & MRAM Group, recently announced that the group will invest INR 2 lakh crore in Odisha to set up a semiconductor unit in the state. In order to establish the semiconductor fab project in Odisha, an MoU has been signed between IPICOL, the Government of Odisha and SRAM & MRAM Technologies. The investment will be made and utilised in a phased manner. In the first phase, the group will invest INR 30,000 crore. The group will be tying up with global leaders in semiconductors for technical collaboration.

"This investment has been in the pipeline for a very long time and we are happy to see it finally shaping up into a reality. The development of the country is one of the priorities of all that we do. With this collaboration, we are eyeing at some real major achievements rolling our way," said Dr. Sailesh Lachu Hiranandani, chairman, SRAM & MRAM Group.

With Startup Wings, UK-based Investment and Business Consultancy Firm and Growth Accelerator and a collaborator and partner of the SRAM & MRAM group in all its development-oriented deeds, the Group aims to support start-ups in varied stages of their funding and offer them a global platform. The Group is helping and nurturing the startup ecosystem while aiding in boosting the economy and in nation-building, according to an official statement by the company.

"The investment by the group is a strategic investment. This will certainly pave the way for future investments and development in the region in varied sectors while creating a long-lasting impact with its own niche. We also aim to spread our wings and develop the ecosystem around us. We are sure that this collaboration is going to prove fruitful for the state as well as for the group in the times to come," said Gagan Verma, co-founder, Startup Wings.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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