Nasdaq-listed semiconductor giant Micron technology is all set to ramp up its Hyderabad unit, with an additional investment of Rs 300 crore towards manufacturing in Telangana. The company will be leasing a 1.8 lakh sq ft office space in Madhapur, Hyderabad. Micron is also looking to hire over a 1,000 engineers and IT professionals for operations in coming years.

The US-based storage solutions company with a market capitalisation of $51 billion has gone through a bad phase in the exchanges recently, owing to the US-China trade tension and price concerns. The company is now aiming to ramp up its India investment as it already has a large presence in other Asian markets such as Singapore, Taiwan, Japan, Malaysia and China.

"This is Micron Tech's largest investment in India. It will undoubtedly boost the electronics and semiconductor vertical across the country," said KT Rama Rao, Telangana's IT and industry minister.

A team lead by Stephen Drake, Micron's senior director for Asia Legal reiterated the company's commitment to the state in a meeting with the officials from the IT department.

Micron Tech will also be working with the Telangana government's flagship programme TASK (Telangana Academy for Skills and Knowledge), in which the state will facilitate recruitment of young engineers for the company.

Meanwhile, the company is also looking to collaborate with entrepreneurs across the state and will be working with startup accelerators THub and TWorks on the innovation front.

The company is expected to report its Q4 fiscal earnings on September 20.