Embassy Developments, Lam Research ink Rs 1,125 cr land deal in Bengaluru

Bengaluru-based Embassy Developments Limited, through its wholly owned subsidiary Embassy East Business Park, has signed a Rs 1,125 crore land transaction deal with Lam Research (India), a leading global semiconductor equipment manufacturer, as per a company statement. The agreement includes the sub-leasing and eventual divestment of a 25-acre land parcel in Whitefield, Bengaluru. The transaction is subject to necessary regulatory approvals.

 

"We are delighted to partner with one of the world’s foremost semiconductor companies in this milestone transaction. Bengaluru remains a top choice for global corporations, and this transaction reaffirms EDL’s capability to unlock value through strategic asset monetisation. The proceeds from this sale will be reinvested into high-growth opportunities, strengthening our development pipeline and delivering sustained value to our stakeholders," said Aditya Virwani, managing director, Embassy Developments.

 

The deal bolsters Bengaluru’s status as a global tech hub, attracting high-tech investments and fueling demand for premium commercial infrastructure, backed by a thriving IT ecosystem and a skilled talent pool.

 

Earlier in February, Union IT Minister Ashwini Vaishnaw announced through his X (formerly Twitter) post that the US-based semiconductor services firm will invest about Rs 10,000 crore in India.

 

Lam Research India General Manager Rangesh Raghavan earlier shared on LinkedIn that since announcing its supply chain expansion to India in July 2024, the company has made significant progress. Several custom parts and high-precision components from Indian suppliers have successfully passed Lam's qualification cycle. Plans are now in place to scale operations in India over the coming years to strengthen global supply chain resilience.

 

India is trying to attract global semiconductor majors to set up shop in the country or expand their operations. The government had launched the Indian Semiconductor Mission under its Rs 76,000 crore initiative that offers companies financial incentives for setting up their units in the country. So far, five projects have been approved under the scheme, which have taken up the majority of the allocation. The government is planning a second round of funding under ISM 2.0.