UK-based SRAM & MRAM Group has announced its plans to set up a semiconductor fabrication unit in Odisha’s Ganjam district with an investment of Rs 300 billion in the first phase. 

Earlier in March 2023, SRAM & MRAM Technologies and Projects India Private Limited, the Indian unit of SRAM & MRAM Group, had signed a memorandum of understanding (MoU) with the Odisha government to set up the semiconductor unit in the state. 

The semiconductor unit will produce memory chips, used in mobile phones, television sets, laptops, air conditioners and ATMs. The company has aimed to establish the unit within two years and to provide direct employment to 5,000 people. It has also planned to expand the unit in subsequent phases by investing around Rs 2 trillion by 2027. The company requires around 500 to 800 acres of land to establish the unit.