Chipmaker Qualcomm leases 7 lakh sq ft space in Chennai

With China faltering during the recent covid surge in the country, India has set sights on becoming a manufacturing hub for everything from smartphones to semiconductors. The country's homegrown Vedanta has also inked a pact with Foxconn to set up a microchip plant in Gujarat for Rs 1.5 lakh crore. After expressing a willingness to source chips from India if manufacturers shift to the country, tech giant Qualcomm has expanded its footprint in the country with a facility in Chennai.

The chipmaker, which also provides communication services and consumer electronics in India, has leased seven lakh square feet in Chennai. At Rs 80 per square feet for a long-term lease, this is also Qualcomm's second largest deal for an office in three months, and comes after it acquired 18 lakh square feet in a 20 story tower in Hyderabad. As the firm plans to hire more people in India, 7,000 people will be accommodated at the new workspace.

Chennai is also the fifth city after Mumbai, Delhi, Bengaluru and Hyderabad, to get a Qualcomm office. It has recently emerged as a hub for iPhone makers with top three Taiwanese Apple manufacturers setting up plants near the city. As tech firms are cutting jobs globally and saving costs, India has seen investments in the sector, as companies seek alternatives for China.