10:44 AM EDT, 09/11/2024 (MT Newswires) -- NXP Semiconductors ( NXPI ) will invest more than $1 billion in India to intensify its research and development efforts, Reuters reported Wednesday, citing CEO Kurt Sievers.

"NXP is committed to double its research and development efforts here in the country in the next few years, which is far in excess of a billion dollars," Sievers was quoted as saying in the report.

The company is engaged in discussions with the automotive sector and other industries in India, Sievers reportedly said.

NXP did not immediately respond to MT Newswires' request for comment.

Shares of the company were down 1.8% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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