Gujarat govt signs MoU with Micron to set up India's first semiconductor plant

India's first semiconductor chip manufacturing unit will be set up in Gujarat's Sanand as the state government signed a Memorandum of Understanding (MoU) with Micron Technology.The two parties have signed a deal worth $2.75 billion. The MoU was signed in the presence of Electronics & Information Technology Minister Ashwini Vaishnaw and Chief Minister Bhupendra Patel, a government release said."Semiconducter is a foundational industry. It is used in a number of items like television screens, computers, mobile, cars and even trains," Vaishnaw said.A government release said that India has been dependent on the import of semiconductor chips and the demand for them will increase as the manufacturing sector in the country grows.The plant at Sanand will entail a total investment of USD 2.75 billion (around Rs 22,540 crore), it added.Micron's plant has been approved under the Union government's `Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme'.Micron Technologies will receive 50 per cent fiscal support for the total project cost from the Indian government and incentives representing 20 per cent of the total project cost from the Gujarat government under the deal.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.