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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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Vodafone is latest company to announce layoffs, 10,000 employees to be impacted

Global telecom carrier Vodafone on Tuesday said it plans to reduce 11,000 jobs over the next three years, with an aim to “simplify” both headquarters and local markets. Margherita Della Valle, Group Chief Executive, said their performance has not been good enough.

“To consistently deliver, Vodafone must change. My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness,” she said in a statement as the company posted its FY23 results.

“We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” said Valle who was appointed CEO permanently earlier this month after five months as Nick Read stepped down as CEO in early December.

Vodafone said it has an action plan already underway, focused around three priorities — significant investment reallocated in FY24 towards customer experience and brand, 11,000 role reductions planned over three years and Germany turnaround plan, continued pricing action and strategic review in Spain.

“We will change the level of ambition, speed and decisiveness of execution. We will have empowered markets focused on customers, scale up Vodafone Business and take out complexity to simplify how we operate,” said the company.

The group revenue increased by 0.3 percent to 45.7 billion euros in FY23 driven by growth in Africa and higher equipment sales, offset by lower European service revenue and adverse exchange rate movements. There was a significant reduction in net debt to 33.4 billion euros.

“We will be a leaner and simpler organisation, to increase our commercial agility and free up resources. We will focus our resources on a portfolio of products and geographies that are right-sized for growth and returns over time,” said the company.

— IANS

The post Vodafone is latest company to announce layoffs, 10,000 employees to be impacted appeared first on Techlusive.



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