'NXP will put large part of its $1 bn global investment in city'

NT Correspondent

Bengaluru

Karnataka Minister M B Patil on Wednesday said semiconductor manufacturer NXP plans to allocate a "substantial portion" of its Rs 8,400 crore (USD 1 billion) global R&D investment to Bengaluru over the next five years. The Minister of Large and Medium Scale Industries is leading a delegation in the Netherlands to attract global investment ahead of Invest Karnataka 2025, scheduled for February. In a meeting with Maurice Geraets, Executive Director at NXP, Patil explored the company's strategic expansion plans, highlighting Karnataka's pivotal role in advancing global R&D capabilities, the Minister's office said in a release.

Geraets reiterated NXP's commitment to the state and expressed enthusiasm for future collaborations in startups and manpower skilling. The release added that Patil assured full government support for NXP's initiatives and extended a formal invitation to the company's leadership for Invest Karnataka 2025. Further strengthening Karnataka's global ties, Patil engaged with Philips, where discussions focused on the continued expansion of their Innovation Campus in Bengaluru, supported by a Rs 445 crore investment in 2023.