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Intel to Invest $1B in India Over Five Years
Bank Of America Investment By Staff
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Investment Opportunity (AXcess News) New York - The world's no. 1 chip-maker, Intel Corporation (Nasdaq: INTC) said it planned to invest $1 billion in India over the next five years with a large investment, $800 million,in its Banglore research and development centre. Intel said it also planned onadding $250 million in capital in the Intel Capital India Technology Fund to explore new technology opportunities in India.
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Banc Of America Investment Intel has made investments in 40 Indian companies since setting up its Technology Fund in 1998. To date, Intel has invested $700 million in its India chip development centre where its costs are far less then in the United States.
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Banking Investment Craig Barrett, Intel chairman, made the announcement while in India Monday. Barrett said that "The investment demonstrates the company's long term commitments and builds on the foundation we created during the last ten years."
"I expect we'll invest in about two companies this year, " said Charlie Goff, who provides management for the fund through its general partner, NEW Capital Management. year schedule, first finding prospects and arranging investments, then helping the companies grow for about five years and pursuing a private sale or other type of liquidity.
Investment Solution Strategic Shares of Intel closed down 53 cents, or 1.93%, at $26.90 following Barrett's announcement. Investors were lukewarm to Intel's plans to invest in its India business centre.
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