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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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Oppo, Vivo, Xiaomi served notices for duty evasion, FM informs Rajya Sabha

Mobile companies Oppo India, Xiaomi India and Vivo India have been served notices by the Directorate of Revenue Intelligence (DRI) for duty evasion, Finance Minister Nirmala Sitharaman informed Rajya Sabha on Tuesday.

A show-cause notice demanding Rs 4,403.88 crore has been served to Oppo Mobiles India Ltd based on an investigation conducted by the DRI, while five cases of Customs duty evasion have been registered against Xiaomi Technology India, Sitharaman said in a written reply.

The reply also noted that an investigation by the Enforcement Directorate (ED) revealed that Vivo Mobiles India Pvt Ltd has remitted an amount of Rs 0.62 lakh crore mainly to China and its controlled territories, out of their total sales of Rs 1.25 lakh crore during the period between July 2017 and March 2021, which works out to 49.91 percent.

From 2019 to 2022, in respect of the Central Board of Indirect Taxes and Customs (CBIC), cases against 43 other such companies have been booked.

As regards to Central Board of Direct Taxes (CBDT), probe agencies have undertaken search and seizure actions against five groups pertaining to the telecom sector, in which tax evasion has been detected, the minister said.

—IANS

The post Oppo, Vivo, Xiaomi served notices for duty evasion, FM informs Rajya Sabha appeared first on BGR India.



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