Business Companies 13 Jun 2022 Massive Rs 24,000 cr ...

Massive Rs 24,000 cr investment for Telangana

DECCAN CHRONICLE. | DC CORRESPONDENT
Published Jun 13, 2022, 6:07 am IST
Updated Jun 13, 2022, 8:47 am IST
The proposed unit will manufacture next generation displays for smartphones, tablet computers and laptops
Principal secretary, IT Jayesh Ranjan, signs an MoU for setting up of a Rs 24,000-crore display fabrication unit in Telangana, with Rajesh Mehta, chairman of Rajesh Exports. in Bengaluru on Sunday. (DC)
 Principal secretary, IT Jayesh Ranjan, signs an MoU for setting up of a Rs 24,000-crore display fabrication unit in Telangana, with Rajesh Mehta, chairman of Rajesh Exports. in Bengaluru on Sunday. (DC)

Hyderabad: will be home to India’s first display fabrication company, it was announced by IT and industries minister K.T. Rama Rao. Karnataka-based Elest, set up by Rajesh Exports, a Fortune 500 company, will set up the Generation 6 Amoled display fabrication unit with an investment of Rs 24,000 crore. The proposed unit will manufacture next generation displays for smartphones, tablet computers and laptops.

An agreement to this effect was signed by the state government and Elest at Bengaluru on Sunday. With this investment, Telangana emerges as a front-runner in the semiconductor and display fabrication sector. It is one of the largest investments in the country’s electronics sector and the largest ever investment by size in Telangana.

Rama Rao said, “Having a Display FAB in Telangana will put India on a global map at par with select countries such as China, USA, and Japan. Since the announcement of India Semiconductor Mission, the government of Telangana has been working on a mission mode to have a Fab in the state and this investment will provide us further encouragement to continue our efforts. The government is confident that having a Display Fab in the state will be a major boost to the thriving Electronics and IT ecosystem in the Statesand its ancillaries.”

Chairman of Rajesh Exports, Rajesh Mehta said, “The Display FAB in Telangana will attract some of the finest global talents in the next generation technology and will generate direct opportunity to more than 3,000 people including scientists and advanced technology professionals.”

He said it would create a much larger ecosystem of partners, ancillaries, suppliers, generating thousands of jobs. Elest will also be setting up a research and development centre for next generation areas of advanced display technology. Elest, in addition to display products, also manufactures Lithium-ion cells, batteries, and electric vehicles.

Principal secretary, ITE&C, Jayesh Ranjan, who signed the MoU on behalf of the state government, Tweeted saying, “A watershed moment for all of us in Telangana…what Microsoft did for the software industry in Hyderabad two decades ago, the Rs 24,000 cr project announced by Rajesh Exports today will do the same for advanced hi-tech manufacturing.”

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Location: India, Telangana, Hyderabad




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