Intel Corp. Chairman Craig Barrett unveiled, on Dec. 5, a multi-year investment plan for India totaling more than $1 billion. "This investment demonstrates Intel's long-term commitment and builds on the foundation we have created during our 10 years operating in India," said Barrett. "We will grow our local operations, boost venture capital investments and work closely with the government, industry and educators to increase the impact of the country's information and communications technology industry."
Business operations will receive an infusion of $800 million over the next five years, with expenditures directed toward the Intel India Development Center (IIDC) in Bangalore. Opened five years ago, the IIDC now has 2,800 employees.
Barrett also announced the created of the Intel Capital India Technology Fund to help stimulate local technology innovation and growth. Intel will invest $250 million in this fund which will focus on Indian hardware and software companies.
With regard to education and community involvement, over the next three years, the Intel Teach of the Future program will train an additional 500,000 teachers. This will double the number of teachers that it has trained over the past five years.
"India has evolved into one of the world's leading technology centers," Barrett added. "These investments, community programs and collaborative efforts will create an environment that fosters innovation and entrepreneurship, and will help bring India's Technology Vision 2020 to fruition. We look forward to working with government and industry leaders to help generate India's next phase of growth."