Bengaluru, Apr 29 (PTI) Semiconductor tools and technology firm Applied Materials plans to invest around Rs 1,500 crore over the next five years, a senior company official said on Friday.

Applied Materials senior vice president for semiconductor products Prabu G Raja, at the Semicon India-2022 conference here, announced the next phase of expansion of the company's facilities in the country with an investment of Rs 340 crore.

Also Read | RPSC Recruitment 2022: Vacancies Announced for 6000 School Lecturer Posts at rpsc.rajasthan.gov.in; Check Details Here.

"We have built an extensive set of science and engineering capabilities for innovation and product commercialisation. We also have a deep relationship with premier universities for fundamental research. Today we are excited to launch the next phase of expansion in India.

"We are announcing Rs 340 crore investment. Over then next five years, we expect to spend more than Rs 1,500 crore towards enhanced product development and validation centre that includes dedicated campus, additional talents and development labs," Raja said.

Also Read | Tecno Phantom X With 4,700mAh Battery Launched in India at Rs 25,999.

He said Applied Materials has been in India for 20 years, and has grown to over 6,000 employees in five locations across the country.

"Our investments will speed up innovation and commercialisation out of India. We plan to grow the local capabilities for customer support and services," Raja said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)