SRAM & MRAM Group, based in the UK, announced last year that they would invest Rs 2 lakh billion in Odisha to build a semiconductor facility. The business has now admitted that the state received an initial investment of Rs 30,000 crore. SRAM & MRAM Technologies, IPICOL, and the state of Odisha signed an MoU to establish the semiconductor fab project there. The group's investment arm, Startup Wings, is in charge of investments in the state.

The UK company will work with foreign technology partners to support semiconductor manufacture in Odisha, a representative of the government admitted. "This investment has been in the works for a very long time, and we are pleased to see it materialising into a reality," said Dr. Sailesh Lachu Hiranandani, chairman of SRAM & MRAM Group.

The development of the country ranks as one of our top priorities. With this alliance, we want to achieve some enormous triumphs.The main goal of the partnership with Epic is to build an ecosystem of design, production, distribution, and service businesses to satisfy domestic, international, and local demand for chips and electronics.

India is aiming to develop into a hub for semiconductors, despite the US continuing to impose import restrictions on Chinese chips. According to Union IT Minister Ashwini Vaishnaw, the country is well-positioned to establish a viable chip sector in the following three to four years as a result of enabling laws and the government's initiatives to improve its manufacturing environment.