06:01 AM EST, 02/12/2025 (MT Newswires) -- Lam Research ( LRCX ) plans to invest over 100 billion rupees ($1.15 billion) in India, India's Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Ashwini Vaishnaw said late Tuesday in a post on X.

Lam Research ( LRCX ) reportedly signed a memorandum of understanding with the Karnataka Industrial Area Development Board for the investment in Karnataka, multiple media outlets reported Wednesday.

Vaishnaw described the investment decision as "big vote of confidence" in India's Prime Minister Narendra Modi's "semiconductor vision."