With China faltering during the recent covid surge in the country, India has set sights on becoming a manufacturing hub for everything from smartphones to semiconductors.
The country’s homegrown Vedanta has also inked a pact with Foxconn to set up a microchip plant in Gujarat for Rs 1.5 lakh crore.
After expressing a willingness to source chips from India if manufacturers shift to the country, tech giant Qualcomm has expanded its footprint in the country with a facility in Chennai.
The company will be paying more than Rs 80 per sq ft as rent for the long-term lease, including escalations every three years, as per the terms of the agreement, said people in the know.