Applied Materials To Invest $400 Million In State-Of-The-Art Engineering Center In India

Applied Materials, a global leader in materials engineering solutions, has announced its plans to invest a significant sum of $400 million in establishing a state-of-the-art engineering centre in India, Reuters reported.

The company's CEO, Gary Dickerson, and Indian Prime Minister Narendra Modi met on Wednesday in Washington. During their meeting, Applied was invited to help the nation's chip business.

A number of announcements have been made this week, including General Electric's (GE.N) agreement to produce military jet engines with state-owned Hindustan Aeronautics Ltd (HIAE.NS) and data storage chipmaker Micron's (MU.O) $825 million investment to establish a new factory in India. Applied's investment is one of them.

Shri Narendra Modi and Elon Musk, the CEO of Tesla (TSLA.O), also had a meeting, and Musk stated that Tesla would endeavour to arrive in India "as soon as humanly possible."

The business said the new centre, which is anticipated to be situated close to its current Bengaluru site, is anticipated to support more than $2 billion in planned investments and generate 500 new jobs in advanced engineering.

Applied presently has six locations in India and collaborates closely with the Indian Institute of Technology in Mumbai and the Indian Institute of Science in Bangalore, two of the most famous universities in the nation.