Computer storage chip maker Micron will set up a semiconductor assembly and test plant in Gujarat entailing a total investment of USD 2.75 billion (around Rs 22,540 crore), the company said on Thursday.

Micron will invest up to USD 825 million in setting up the plant in two phases.

Micron's plant has been approved under the government's “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme,”. Under the scheme, Micron will receive 50 per cent fiscal support for the total project cost from the Indian central government and incentives representing 20 per cent of the total project cost from the state of Gujarat.

"Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 500,000 square feet of planned cleanroom space, will start to become operational in late 2024," Micron said in a statement.

Micron said that the plant will create up to 5,000 new direct jobs and 15,000 community jobs over the next several years..

"Micron's new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets," the statement said.

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