Union Government and State Government of Gujarat Sign Trust Retention Agreement with Micron and ICICI Bank

To hasten the development of Micron's Sanand semiconductor plant, the Union government and the state government of Gujarat signed a TRA (Trust and Retention Agreement) with Micron and ICICI. Micron will gain the required financial aid and support to operate the plant, as well as ensure the timely fulfillment of departmental procedures with the central and state governments.

Under this agreement, the Department of Science and Technology of the Gujarat Government, the India Semiconductor Mission of the Government of India, and ICICI Bank will provide all the necessary support for Micron to complete this project.

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Micron Technology is constructing a $2.75 billion semiconductor assembly, testing, marking, and packaging (ATMP) facility in Sanand, Gujarat, India. This is a significant project for India's ambition to become a global hub for semiconductor manufacturing. Micron invested around USD 825 million for this project. The Trust Retention Agreement will give the project much-needed support to establish the factory. Furthermore, the factory will cover an area of 93 acres.

Micron started its construction by signing a contract with the Gujarat government in June, and the groundbreaking ceremony was held in September. The first phase will start its commercial operations by late 2024. The plant will mainly focus on transforming wafers into integrated circuit packages, memory modules, and solid-state drives.

About Micron

Micron Technology, Inc. is an American multinational semiconductor manufacturer headquartered in Boise, Idaho, United States. It is one of the world's leading producers of computer memory and computer data storage, including dynamic random-access memory (DRAM), flash memory, and USB flash drives. It is also a major supplier of NAND flash memory for solid-state drives (SSDs).

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