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The advanced semiconductor manufacturing plant is expected to create as many as 1,000 jobs.
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After the original deal fell through in August, Cook Medical sold products in its Maternal Fetal Medicine and gynecological surgery lines to CooperCompanies last month.
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Governor Eric Holcomb says Indiana's federal hub designations will grow opportunity for Hoosiers.
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Total employment is up significantly across the state compared to a year ago, according to Bureau of Labor Statistics data released Friday. That estimate is still nearly at a record-high for the last decade.
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To take full advantage of that funding, the report said Indiana should develop workforce training programs and clean energy policies.
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The Indiana Economic Development Corporation is set to give GM up to $12 million in tax credits for the planned changes and more incentives in training grants and "Manufacturing Readiness Grants" to retain jobs in Marion.
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Most Indiana manufacturers feel COVID-19 is no longer a significant threat to their businesses. In an annual survey, many said they expect profits to rise.