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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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Xiaomi says it was disappointed after ED seized assets worth Rs 55.51 billion, will continue to protect its assets in India

Chinese smartphone maker Xiaomi Corp on Sunday said it was “disappointed” with an Indian order that froze $682 million of its assets and would continue to protect its interests.

An Indian appellate authority on Friday confirmed an April order by India’s federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.

The Chinese smart devices firm in a statement on Sunday said that over 84% of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to US chipset company Qualcomm Group.

“We will continue to use all means to protect the reputation and interests of the company and our stakeholders,” it said.

The company said that Xiaomi India is an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm to license IP for manufacturing smartphones.

Both Xiaomi and Qualcomm believe that it is a legitimate commercial arrangement for Xiaomi India to pay Qualcomm royalty, the statement said.

With an 18% share each, Xiaomi and Samsung together lead the smartphone market in India, the world’s second biggest after China, according to data from Counterpoint Research.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020.

India has cited security concerns in banning more than 300 Chinese apps since then, including popular ones such TikTok, and also tightened rules for Chinese companies investing in India.

–Reuters

The post Xiaomi says it was disappointed after ED seized assets worth Rs 55.51 billion, will continue to protect its assets in India appeared first on BGR India.



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