Marvell Technology (MRVL) plans to expand its India operations, aiming to grow its workforce by about 15% annually over the next three years and increase research spending, Reuters reported Thursday, citing an interview with the company's India head, Navin Bishnoi.

Bishnoi expects growth as local data center capacity expands and data protection laws tighten. He did not disclose details of the expanded research and development budget.

The company is in talks with local outsourced semiconductor assembly and test providers to align with manufacturing plans. Bishnoi said India could become one of Marvell's top revenue markets in the next ten years, according to the news outlet.

Marvell Technology did not immediately reply to MT Newswires' request for comment.

Shares of the company were down 4.2% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 77.92, Change: -3.40, Percent Change: -4.18