As Indian Prime Minister Narendra Modi seeks to produce chips locally and reduce imports of critical technologies, semiconductor equipment manufacturer ASML Holding NV (ASML.US) is actively expanding its business operations in India.

ASML CEO Christophe Fouquet stated at the India Semiconductor Summit held in New Delhi on Tuesday that the company aims to deepen collaboration with Indian firms over the next year. The Netherlands-based company headquartered in Veldhoven serves as a key supplier to Taiwan Semiconductor Manufacturing Company and Samsung Electronics.

"We are committed to supporting India's ambitions through partnerships, knowledge sharing, and talent exchange. Our advanced lithography solutions can help Indian fabs achieve cutting-edge performance," Fouquet said.

An ASML spokesperson declined to reveal details about potential sales, including timelines or specific product models.

Modi's vision to establish a reliable domestic chip industry, with the first India-manufactured chips expected to hit the market by year-end, could open up a new market for ASML's equipment. The South Asian nation is joining countries like the United States, Japan, and China in building semiconductor manufacturing capabilities, partly to reduce dependence on other regions.

While major global chip manufacturers have yet to commit investments in India, OpenAI, the maker of ChatGPT, is reportedly seeking local partners to establish a data center with at least 1 gigawatt capacity.

ASML produces equipment essential for manufacturing high-end chips that are widely used in smartphones, medical devices, military equipment, and artificial intelligence applications. India is expected to initially target less advanced chips rather than cutting-edge semiconductors used to power AI services.

Due to trade disputes pressuring semiconductor sales, ASML previously indicated uncertainty about achieving growth in 2026.