The company also announced the launch of its first designed-in-India chip on Friday. The chip has been conceptualised at its design and R&D centre in Greater Noida, STM's largest design centre outside Europe.
Although the India-designed chip would be sold across the world, the company does not have any plans to set up a chip manufacturing facility in India over the next five years.
"It is not on the agenda to start a new plant. Of course, we look at the possibilities (for manufacturing) in every country, but there is no plan to have a plant in India for the next five years," Alain Duthell, chief operating officer of the company, said.
The company is betting big on India for designing chips and is increasing its workforce. "Currently, we have 1,700 engineers and we will hire another 1,300 over the next one year to take the total strength to 3000," Thierry Tinagaud, corporate VP (emerging markets) of STM, said.
