India Approves Micron's $2.7 Billion Semiconductor Testing Plant Ahead of PM Modi's US Visit: Report
India's cabinet has approved US chipmaker Micron Technology's $2.7 billion (roughly Rs. 22,159 crore) plan for a new semiconductor testing and packaging unit, a senior government source said on Tuesday ahead of Prime Minister Narendra Modi's state visit to the US. The government agreed production-linked incentives worth Rs. 110 billion ($1.34 billion) for the plant, which is set to be built in Modi's home state of Gujarat, the Indian official added. He declined to be identified ahead of a planned announcement during Modi's visit. Cabinet approval was required due to the size of the incentive package, the source added. Micron's plan had been previously reported but not the approval by cabinet. Spokespeople for Micron and the Indian government, including its technology ministry, did not respond to requests for comment. During his visit, which starts on Tuesday, Modi will meet the chief executives of a number of top American companies, including FedEx and Mas...