Lam Research, a United States-based semiconductor equipment manufacturer, plans to invest over 100 billion rupees (approximately US$1.2 billion) in Karnataka, India, over the coming years.

The company announced this investment through a memorandum of understanding (MoU) with the Karnataka Industrial Area Development Board during the ‘Invest Karnataka’ event on Feb.12.

The government aims to expand the sector significantly with a US$10 billion incentive package.

Projections indicate that India’s semiconductor market could reach a valuation of US$63 billion by 2026.