This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ5L0CU_L.jpg
Micron said that with support from the Indian central government and from the state of Gujarat, the total investment in the facility will be $2.75 billion. Of that total, 50% will come from the Indian central government and 20% from the state of Gujarat.
Reuters reported earlier this week that India’s Cabinet approved the project ahead of Prime Minister Narendra Modi’s state visit to the U.S., which kicked off on Wednesday.
Micron said construction of the new facility in Gujarat is expected to begin in 2023 and the first phase of the project will be operational in late 2024. A second phase of the project is expected to start toward the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.
