European semiconductor company STMicroelectronics (STM) will invest about $30 million in India over the next few years and hire another 300 people this year, The Times of India reported.
STM, a Franco-Italian venture with annual worldwide sales of $8.9 billion, made chips and developed software for cellular phones, set-top boxes, DVDs and cars, the report said.
A lot of these chips were designed in India, where STM employed 1,500 people, around 1,400 of whom were engineers, the report said.
"We will continue to invest about $20-30 million every year in India," STM president and CEO Carlo Bozotti, quoted by The Times of India, said.
Within the past few years alone, STM had filed over 165 patents out of India, said Bozotti, who was in India on Saturday to open STM's new campus in Greater Noida near Delhi, the report said.