NEW DELHI, Dec. 5 (UPI) -- Intel Corp., the world's biggest chip maker, said Monday it would invest $1 billion over the next five years in India.
"This investment demonstrates Intel's long-term commitment and builds on the foundation we have created during our 10 years of operating in India," Intel Chairman Craig Barrett said.
He said Intel will invest $800 million to expand its research and development center in the southern Indian city of Bangalore.
Intel also announced the establishment of a $250 million venture capital fund to stimulate technological innovation in India and drive growth of the country's information technology industry.
"The pace of technology innovation is accelerating," said Barrett. "Through the Intel Capital India Technology Fund, Intel will help Indian companies drive technology adoption locally and identify new business opportunities globally."
