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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Vivo executives may have fled India amid ED’s money laundering probe: Report

Chinese smartphone maker Vivo’s top executives, Directors Zhengshen Ou and Zhang Jie, likely fled India on Wednesday after the Enforcement Directorate (ED) conducted raids at its offices in connection with a prevention of money laundering case.

According to sources, two of the Chinese directors of Solan, Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case, reports IANS.

The Chinese nationals were made directors in the Indian entities with fake documents. The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources. More details will emerge later in the case, the sources added.

The CBI has also been probing the case and lodged a separate first information report.

Recently, the Enforcement Directorate has conducted raids on Vivo. The agency is conducting searches at around 44 locations across the country and facilities of the company. A Vivo spokesperson confirmed the raids and claimed to be cooperating with the authorities. The spokesperson said, “Vivo is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws.”

Other popular Chinese smartphone brands like Xiaomi and Oppo were also under the ED scanner. In fact, during the investigation, ED froze Xiaomi India accounts with over Rs 5,500 crore. The court later allowed the Chinese brand to access the funds for day-to-day operations.

The enforcement directorate began the investigation on Xiaomi earlier this year, in the month of February. The ED claimed that the company made illegal remittances. Xiaomi India has been accused of remittances from the year 2015, just one year after it entered the Indian market.

Xiaomi had denied any wrongdoing on its part. Xiaomi India claimed its royalty payments and statements to the bank were legitimate. Their clarification states that these royalty payments that Xiaomi India made were for the in-licensed technologies and IPs used in the Indian version of their products.

The post Vivo executives may have fled India amid ED’s money laundering probe: Report appeared first on BGR India.



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