12-06-2005, 07:24 AM
Pioneer.com
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Intel to invest $1b in India </b>
PTI/ New Delhi
World's largest chip maker Intel Corporation will invest over one billion dollars (over Rs 4,400 crore) in India, of which 800 million dollars would be for expanding its research and development activities.
"Intel's one billion dollar-plus investment roadmap includes plans to invest 800 million dollars for the next five years to expand research and development centre in Bangalore in addition to marketing, education and community programmes," Intel Chairman Craig Barrett said at a press conference here.
The company will also set up an India-specific venture fund with a corpus of 250 million dollars.
The fund will invest in companies engaged in cellular and broadband applications, wireless technologies, software and hardware design and e-commerce, he said.
"We will grow our local operations, boost venture capital investment and work closely with the government, industry and educators to increase the impact of the country's Information and Communication Technology," he added.
IT minister Dayanidhi Maran welcomed the one billion dollar investment by Intel in India, saying it would boost the IT sector of the country and sought future cooperation of Intel in promoting IT. He also hailed the company's decision to set up a venture fund for India.
Finance Minister P Chidambaram said the VC fund would give a headstart to entrpreneurs engaged in frontline R&D and with Intel backing, this would be a win-win situation for both.
<b>Intel has, since 1998, invested 100 million dollars in 40 Indian companies, including NIIT, Rediff, Sasken, Futuresoft and Tejas Networks. </b>
Stating that the returns from India on its VC investments have been good, Barret said the new VC fund would focus on Indian hardware and software companies toÂ
nurture technology development for local use.
The fund will also selectively invest in technology service companies that target overseas markets, he said.
<b>Intel will increase its development activites and staffing at the Intel India Development Centre in Bangalore over the next five years, he said.</b>
<b>IIDC focuses on hardware and software engineering for Intel products sold globally and has grown to 2,800 employees now.</b>
Barret did not disclose any specific increase in the headcount there.
The company also announced a programme to support local communities. The Volunteer Matching Grant programme encourages Intel employees to volunteer in local schools and for every 20 hours they volunteer 50 dollars will be donated to the institution by Intel Foundation.
<b>Intel will train 500,000 teachers over the next three years through Intel Teach to the Future Programme</b>, doubling the number of teachers that have completed the programme over the last five years.Â
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<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Intel to invest $1b in India </b>
PTI/ New Delhi
World's largest chip maker Intel Corporation will invest over one billion dollars (over Rs 4,400 crore) in India, of which 800 million dollars would be for expanding its research and development activities.
"Intel's one billion dollar-plus investment roadmap includes plans to invest 800 million dollars for the next five years to expand research and development centre in Bangalore in addition to marketing, education and community programmes," Intel Chairman Craig Barrett said at a press conference here.
The company will also set up an India-specific venture fund with a corpus of 250 million dollars.
The fund will invest in companies engaged in cellular and broadband applications, wireless technologies, software and hardware design and e-commerce, he said.
"We will grow our local operations, boost venture capital investment and work closely with the government, industry and educators to increase the impact of the country's Information and Communication Technology," he added.
IT minister Dayanidhi Maran welcomed the one billion dollar investment by Intel in India, saying it would boost the IT sector of the country and sought future cooperation of Intel in promoting IT. He also hailed the company's decision to set up a venture fund for India.
Finance Minister P Chidambaram said the VC fund would give a headstart to entrpreneurs engaged in frontline R&D and with Intel backing, this would be a win-win situation for both.
<b>Intel has, since 1998, invested 100 million dollars in 40 Indian companies, including NIIT, Rediff, Sasken, Futuresoft and Tejas Networks. </b>
Stating that the returns from India on its VC investments have been good, Barret said the new VC fund would focus on Indian hardware and software companies toÂ
nurture technology development for local use.
The fund will also selectively invest in technology service companies that target overseas markets, he said.
<b>Intel will increase its development activites and staffing at the Intel India Development Centre in Bangalore over the next five years, he said.</b>
<b>IIDC focuses on hardware and software engineering for Intel products sold globally and has grown to 2,800 employees now.</b>
Barret did not disclose any specific increase in the headcount there.
The company also announced a programme to support local communities. The Volunteer Matching Grant programme encourages Intel employees to volunteer in local schools and for every 20 hours they volunteer 50 dollars will be donated to the institution by Intel Foundation.
<b>Intel will train 500,000 teachers over the next three years through Intel Teach to the Future Programme</b>, doubling the number of teachers that have completed the programme over the last five years.Â
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