Applied Materials and Lam Research pledged billions of dollars in planned investments in India as Prime Minister Narendra Modi sought to attract semiconductor companies to the country's chip industry, Bloomberg reported Thursday.

Applied Materials plans to invest $5 billion in India over the next decade, while Lam Research plans to spend about $1 billion on a local manufacturing facility, company executives said at the Semicon event in New Delhi on Thursday, according to the report.

Micron Technology CEO Sanjay Mehrotra said the company expects to test and assemble hundreds of millions of chips in India in 2027 after starting production at its Gujarat plant this year.

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