Microchip Expands Its Presence In India With $300M Multi-Year Investment

Microchip Technology Inc. MCHP announced a multi-year investment of $300 million to expand its operations in India.

"Microchip is making a significant strategic commitment to growing our operations in India, whose meteoric growth has established it as one of the top sources of business and technical resources in our sector," commented Ganesh Moorthy, President, and CEO of Microchip

The planned investments focus on additional improvements to Microchip's Bangalore and Chennai facilities and Hyderabad's new research and development center.

The company plans to expand and enhance its engineering labs, accelerate hiring, sponsor technical consortia, and support academic institutions and programs.

Price Action: MCHP shares are trading higher by 0.33% at $89.29 on the last check Monday.