May 17th 2024.
Zoho's Founder and CEO, Sridhar Vembu, recently addressed reports about the company's potential investments in a semiconductor fabrication unit. In a statement on social media, Vembu clarified that while the technology is important for the nation, they are not yet ready to make any official announcements.
Vembu also expressed his belief that it is crucial for companies to step up and invest in this technology. He mentioned that the government has been supportive and now is the opportune time to make such investments. It was reported that Zoho is seeking incentives under the production-linked incentive scheme for a chip design and manufacturing facility in the country.
In March of this year, Vembu had announced plans to establish an advanced chip design facility in the Tenkasi district of Tamil Nadu. In his social media post, he reiterated the importance of investing in industrial R&D, with collaboration between industry and academia being key in understanding the complex technologies that drive economic prosperity.
Vembu's personal mission is to merge R&D focus with research and development in a comprehensive manner. However, due to the sensitive nature of the topic, he was unable to disclose any further information at this time. According to industry data, the current electronics manufacturing sector in India is worth approximately $103 billion, with a semiconductor requirement of $26-$31 billion.
In March, Prime Minister Narendra Modi laid the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore. This further highlights the government's efforts to boost the country's semiconductor industry. As Zoho continues to explore potential investments in this field, Vembu's message serves as a reminder of the importance of technology and innovation in driving economic growth.
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