India's cabinet has approved U.S. chipmaker Micron Technology's $2.7 billion plan for a new semiconductor testing and packaging unit, a senior government source said on Tuesday as Prime Minister Narendra Modi arrived in the US on a state visit.
The government agreed production-linked incentives worth 110 billion rupees ($1.34 billion) for the plant, which is set to be built in Gujarat, the Indian official added. He declined to be identified ahead of a planned announcement during Modi's visit.
Cabinet approval was required due to the size of the incentive package, the source added. Micron's plan had been previously reported but not the approval by cabinet.
Spokespeople for Micron and the Indian government, including its technology ministry, did not respond to requests for comment.
During his visit, which starts on Tuesday, Modi will meet the chief executives of a number of top American companies, including FedEx and MasterCard, and will be hosted at a state dinner in the White House on June 22.
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