Intel Outlines $1 Billion Multi-Year Investment Plans, Highlights Indias Importance
Intel to Grow Operations and Expand Education, Venture Capital Programs
NEW DELHI, Dec. 5, 2005 Intel Corporation Chairman Craig Barrett unveiled today a multi-year investment plan for India totaling more than US$1billion.
This investment demonstrates Intels 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 countrys information and communications technology (ICT) industry.
Intels US$1 billion-plus, multi-year investment roadmap includes plans to invest US$800 million over the next five years to expand business operations in India. Investments will focus on expanding the research and development center in Bangalore in addition to marketing, education and community programs.
Citing the importance of venture capital investments in developing an IT nation, Barrett also announced the creation of the US$250 million Intel Capital India Technology Fund to help stimulate local technology innovation and growth. The investments will focus on Indian hardware and software companies to nurture technology development for local use. The fund will also selectively invest in technology-oriented service companies that target overseas markets.
Along with Intels investment of over US$700 million in India over the past 10 years, Intel Capital has provided funding to more than 40 companies in seven Indian cities since it started investing in 1998.
To grow its business operations in India, Intel will increase its development activities and staffing at the Intel India Development Center (IIDC) in Bangalore over the next five years. The IIDC focuses on hardware and software engineering for Intel products sold globally and has grown to 2,800 employees since it opened five years ago.
With its increased presence Intel also announced a program supporting local communities. The Volunteer Matching Grant Program encourages employees to volunteer in local schools. For every 20 hours an Intel employee volunteers at a school, US$50 will be donated to the institution by the Intel Foundation. Funded solely through donations from Intel, the foundation works to strengthen engineering and computer science education and increase participation in these fields by women and under-represented minorities, improve mathematics and science education for elementary and secondary students, and foster the effective use of computer technology in education.
Investing in education and providing 21st century skills for students are fundamental components to the nations continued growth and prosperity, Barrett said.
Intel will increase its efforts over the next three years to train teachers to use technology through the Intel Teach to the Future program. Over the next three years an additional 500,000 teachers will be trained, doubling the number of teachers that have completed the program over the past five years. Intel will also expand its after-school, community-based Intel Learn program to reach students in at least six states through more than 300 community centers.
India has evolved into one of the worlds 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 Indias Technology Vision 2020 to fruition. We look forward to working with government and industry leaders to help generate Indias next phase of growth.
Intel, the world's largest chip maker, is also a leading manufacturer of computer, networking and communications products. Additional information about Intel is available at www.intel.com/pressroom.
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Source: Intel
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