Intel puts big bucks in India

Intel Corporation Chairman Craig Barrett unveiled today a multi-year investment plan for India totaling more than US$1billion. This investment demonstrates Intel's long-term commitment and builds on the foundation we have created during our 10 years operating in India, said Barrett.

We will grow our local operations, boost venture capital investments and work closely with the government, industry and educators to increase the impact of the country's information and communications technology (ICT) industry.

Intel's US$1 billion-plus, multi-year investment roadmap includes plans to invest US$800 million over the next five years to expand business operations in India. Investments will focus on expanding the research and development center in Bangalore in addition to marketing, education and community programs.

Citing the importance of venture capital investments in developing an IT nation, Barrett also announced the creation of the US$250 million Intel Capital India Technology Fund to help stimulate local technology innovation and growth. The investments will focus on Indian hardware and software companies to nurture technology development for local use. The fund will also selectively invest in technology-oriented service companies that target overseas markets.

Added on December 5, 2005 Comment

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