Advanced Micro Devices (AM), a US chipmaker, stated it will invest $400 million in India over the next five years and would erect its largest design centre in Bengaluru.

At the annual semiconductor conference, AMD Chief Technology Officer Mark Papermaster made the declaration in front of Prime Minister Narendra Modi.

Undeterred by Taiwan's Foxconn pulling out of his group's USD 20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.

Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the chipmaking joint venture with Vedanta, and said it intends to apply for incentives under the government's semiconductor production plan. Vedanta Ltd has lined up partners and will begin a foray into chip-making this year.