Intel Corp chairman Craig Barrett told reporters in India that the chipmaker plans to invest more than $1bn in the country to bolster Intel operations there.
Part of that investment is a new $250m India venture capital fund, announced yesterday, which would help drive the country’s IT industry and, in turn, demand for Intel products.
The Intel Capital India Technology Fund would invest in companies that can benefit from the growth in the domestic IT market, as well as tech services companies that target overseas markets using Indian resources, Intel said.
Initial focus areas for the fund include cellular communications, broadband applications and wireless technologies, said Santa Clara, California-based Intel.
The company also plans to grow its local operations, Barrett reportedly said.