Seoul, Feb 1 (IANS): SK hynix Inc, South Korea's No 2 chipmaker, said on Monday that it has completed the construction of a new chip production line in the country as the company tries to expand its presence in the memory sector.

The world's second-largest DRAM maker held the completion ceremony of the M16 chip fabrication plant, located at its main production base in Icheon, south of Seoul, after over two years of construction.

Since November 2018, SK hyinx has invested 3.5 trillion won ($3.1 billion) for the construction project. When chip manufacturing equipment inside the plant is counted, its total investment reaches about 20 trillion won.

The new factory is its largest chip factory at 336 meters long, 163 meters wide and 105 meter high, which is equivalent to the height of a 37-story apartment building, reports Yonhap news agency.

"It was worrisome when we decided to build the M16 two years ago, as the overall semiconductor memory was amid a downturn back then," SK Group Chairman Chey Tae-won said at the ceremony. "However, as the industry anticipates upcoming positive market conditions, it seems that our bold decision of the past will lead us to a better future."

The company plans to produce the fourth-generation 10-nanometer (1anm) DRAM products from the second half of this year using the equipment. The M16 is expected to begin its mass-production starting in June.