WASHINGTON, May 6: Indian companies plan to invest over USD 20.5 billion in the US in sectors such as technology, manufacturing and pharmaceuticals, and announced projects worth USD 1.1 billion at a business summit here.
A factsheet issued by the US said industry leaders celebrated Indian investments to the tune of USD 20.5 billion at the SelectUSA Investment Summit at National Harbour in Maryland near here.
“These investments span pharmaceuticals, advanced manufacturing, energy infrastructure, and emerging technologies, and are expected to create thousands of jobs while strengthening supply chains and expanding US production capacity,” the factsheet said.
Indian pharmaceutical companies announced plans to invest more than USD 19.1 billion in the United States, anchored by Sun Pharmaceutical’s planned USD 11.75 billion acquisition of New Jersey-based Organon & Co.
It said JSW Steel affirmed plans for commissioning USD 255 million in modernisation projects at its facilities in Ohio and Texas.
“We have 12 Indian companies making investment announcements at this summit, totalling more than USD 1.1 billion. That is the largest number of announcements we have seen from a single delegation at SelectUSA,” US Under Secretary of Commerce for International Trade William Kimmitt said on Tuesday.
He said these investments span aerospace and defence, energy, advanced manufacturing, and artificial intelligence.
The USD 1.1 billion investment by the 12 companies will create nearly 2,500 direct jobs in the US.
Ahmedabad-based Abhyuday Group announced the largest investment amounting to USD 900 million to set up manufacturing clusters in five states across the US.
Mumbai-based Sterlite Technologies Limited announced a new greenfield factory investment of up to USD 100 million in the US to offer connectivity solutions, including terminating optical fibre cables.
PR Jindal Group announced an investment of USD 87 million in Texas and Mississippi.
Jivo Wellness Group, based in Delhi, announced an investment of USD 15 million to set up a manufacturing plant in the US.
TechDome Solutions, a technology firm based in Indore, announced an investment of up to USD 7.5 million that will create 100 jobs in the US over the next five years.
Chennai-based Atri AI, which builds edge AI systems for real-time intelligence, intends to invest approximately USD 2 million over the next 2-3 years to build its engineering, sales, and technology operations in the US.
MagnoInnovation Lab from Kerala, which develops aerial drones and geospatial intelligence platforms for the oil and gas industry, plans to establish a US field operations base with an initial investment of USD 2 million.
Satori XR team from Chennai set up their US headquarters in Michigan and plans to invest USD 1.5 million over the next five years and create 20 to 25 new high-quality jobs across engineering, enterprise sales, marketing, and customer management.
RoshAI from Kerala, which builds physical AI and industrial autonomy systems for industrial applications, plans to establish their first US presence in Texas by investing USD 5 million. This will create up to 20 engineering and customer support roles.
Polyhose Inc., a global manufacturer of high-quality industrial hoses and fittings, plans to expand its US operations with an investment of USD 2 million in a facility in Los Angeles.
KISSFLOW from Chennai is a B2B software offering, an AI-powered low-code platform, which will be making an investment of USD 2 million in a facility in Houston to support the energy sector.
The Indian Institute of Technology Madras Global Research Foundation plans to set up a US location in California to drive research collaboration with US universities and colleges. This will be a soft landing pad for IIT and global startups, and provide seminars and classes in the US for USD 4.5 million. (PTI)
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