Ten years ago, Renesas Electronics was under government control and bleeding money. Today, the Japanese chipmaker has a market value of $35 billion and plans to raise that to about $100 billion by 2030 through a series of overseas acquisitions.

Hidetoshi Shibata, a former Merrill Lynch banker, was behind the deals. Five years into his tenure as CEO, the 51-year-old sees new business in India and AI-enabled microcontrollers helping the company double its annual revenue to a record $20 billion by 2020. His goal is to triple the company's valuation to 16 trillion yen to 17 trillion yen, and it comes at a time of renewed enthusiasm for artificial intelligence that has propelled shares of the chipmaker, which trails only Toyota Motor Corp, Honda Motor Co and Nissan Motor Co, to their highest level since the global financial crisis.

Shares rose 5.1% on Wednesday after the announcement, the biggest gain since May 23.

Formed from the chip units of NEC Corp, Hitachi Corp and Mitsubishi Electric Corp, Renesas Electronics became the world's third-largest chipmaker in 2009, behind Intel Corp and Samsung Electronics Co. But as the number of Japanese customers dwindled, so did Renesas's fortunes. In addition, the March 2011 earthquake in Japan damaged a major plant and forced automakers to reduce their dependence on any one supplier, and Renesas was quickly overtaken by rival NXP Semiconductors.

Since joining Renesas as chief financial officer in 2013, Hidetoshi Shibata has engineered a series of acquisitions. This year, Renesas announced the acquisition of Australian-listed software company Altium Ltd for $6 billion to move into the upstream areas of product development and electronics design.

Hidetoshi Shibata is also targeting embedded semiconductors, or chips designed to work with other processors in systems such as cars and robotics, and the company has previously said it aims to become the world's third-largest chipmaker.

"We need to be a truly global player," Hidetoshi Shibata said in an interview last month. "It makes no sense to be a major player in Japan. We have to be the best in the world. I want to make that happen."

In 2021, the company acquired U.K.-based Dialog Semiconductor Plc for $6 billion and previously bought SAN Jose-based Integrated Device Technology Inc. And Intersil Corp., based in Milpitas, Calif., in part to expand beyond the automotive space into data centers and consumer devices. Shibata has also expressed interest in composite semiconductors, which remain popular among electric vehicle makers.

Hidetoshi Shibata's buying spree has helped Renesas reduce its dependence at home and expand overseas. Japan accounted for 26 percent of total sales last year, down from 44 percent in 2016. Sales to other Asian countries, as well as Europe and North America, increased during the same period.

Hidetoshi Shibata said India currently accounts for only a small portion of Renesas's sales, but is crucial for future growth. The company aims to generate at least 10 percent of its revenue from India by the end of the decade, betting on the country's fast-growing demand for electronics. Renesas plans to increase its workforce in India 20-fold to 1,000 by 2025.

Renesas was effectively nationalized in a 2013 bailout led by Japan's government-backed Innovation Network Corp. When Hidetoshi Shibata decided to join Renesas Electronics, he says he "felt like I was picking chestnuts from the fire." Hidetoshi Shibata cut headcount, exited non-core businesses such as 4G smartphone chips and accelerated acquisitions.

Masaya Yamasaki, senior analyst at Nomura Securities Co., said: "Renesas has been losing market share for about a decade. Now they seem ready to move forward more aggressively - their portfolio is pretty balanced."

Renesas's move coincides with Japan's aggressive push to transform the world's fourth-largest economy into a chip powerhouse. In less than three years, Tokyo has pledged to invest 4 trillion yen ($25 billion) in semiconductors and other advanced technologies, including up to 15.9 billion yen, to cover a third of the cost of expanding capacity at three Renesas plants. The Tokyo government has also encouraged listed companies to take steps to boost shareholder value and Mr Shibata's comments are a rare example of a Japanese chief executive setting out plans to boost share prices.

According to TechInsights analyst Asif Anwar, Renesas is the second largest automotive processor maker behind NXP as of 2023, followed by Infineon Technologies.

Renesas is incorporating small chips into its semiconductors, reducing costs while allowing for more customization, he said. The strategy is designed to help Renesas meet the growing demand for chip architectures for electric vehicles, autonomous driving and connected vehicles.

"Renesas will say they want to be number one, and so do NXP, Infineon and Qualcomm," Anwar said. In the next three to four years, we'll see how that changes and who comes out on top."