NXP to invest over $1 bn R&D in India in next few years

NXP Semiconductors plans to invest over USD 1 billion to double its research and development activities in India over the next few years, a top company official said on Wednesday.

Speaking at Semicon India 2024, NXP Executive Director, President and CEO Kurt Sievers said the company is engaging with the whole industry, downstream in the automotive sector, industrial sector, which is going to make India extremely powerful as an economy.

"In that context, 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," he said.

Sievers said NXP has been present in India for about 50 years.

"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," he said.

During the inaugural session, Renesas Electronics CEO Hidetoshi Shibata said the company has partnered with CG Power for assembly and test semiconductor plant.

He said Renesas plans to double its workforce in India by next year.

Tata Electronics CEO and MD Randhir Thakur said the semiconductor industry will be the bedrock of "Viksit Bharat" by 2047.

"We will create 50,000 jobs as part of this journey which is just the beginning. The semiconductor industry has a multiplied effect on job creation and every semiconductor job will create 10 additional jobs in the ecosystem," he added.