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ASML Pitches for India Business as Modi Eyes Local Chip Making

by Team Lumida
September 2, 2025
in AI
Reading Time: 3 mins read
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ASML Q2 2024 Earnings Summary

"ASML Holding N.V. logo" by Pixelpatser is licensed under CC BY-SA 4.0

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Key Takeaways

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  • ASML’s CEO Christophe Fouquet publicly pitched for business in India, offering the company’s advanced lithography solutions to support the country’s domestic chip manufacturing ambitions.
  • The move aligns with Prime Minister Narendra Modi’s “Make in India” initiative, which aims to establish a local semiconductor industry and reduce reliance on imports.
  • India is expected to initially focus on producing less advanced, mature-node chips, not the cutting-edge technology used for AI.
  • For ASML, India represents a significant new growth market as it navigates geopolitical tensions and US-led sales restrictions in China, its second-largest market.

What Happened?
At the Semicon India summit, the CEO of ASML, the world’s sole supplier of critical EUV lithography machines, signaled a strong interest in partnering with Indian companies. Fouquet stated that ASML is “dedicated to supporting India’s ambition” as the country pushes to have its first domestically produced chips ready by the end of the year.

Why It Matters?
This is a strategic move for both sides. For ASML, securing a foothold in India provides a crucial hedge against the ongoing US-China chip war, diversifying its revenue base away from geopolitically sensitive regions. For India, attracting a foundational equipment supplier like ASML is a massive credibility boost for its nascent chip industry, potentially encouraging further investment from global chipmakers and designers.

What’s Next?
The key development to watch is whether this high-level pitch translates into concrete purchase orders from Indian conglomerates like the Tata Group, which are leading the country’s chip-making efforts. The specific type of equipment ordered will also be telling, with initial sales likely to be for older DUV (deep ultraviolet) machines rather than the latest EUV models. Investors should also monitor whether other major equipment suppliers, such as Applied Materials and Lam Research, follow ASML’s lead in targeting the Indian market.

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Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

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