Elest, a subsidiary of gold retailer Rajesh Exports, will be setting up the country's first display fab facility in Telangana with investments worth Rs 24,000 crore.
Telangana IT Minister K T Rama Rao along with Chairman of Rajesh Exports Rajesh Mehta announced setting up of Generation 6 AMOLED Display FAB, an official release said.
The Telangana government signed an MoU with Karnataka-based Elest for the proposed fabrication unit which will manufacture next generation displays for smartphones, tablet computers, and laptops. Rama Rao tweeted: "Historic day for Telangana. Rajesh Exports (Elest), a Fortune-500 company, to setup India's first Display FAB to manufacture the most advanced AMOLED displays, with an investment of Rs 24,000 crore, making it one of the largest investments in high-tech manufacturing sector in India."
Elest, incorporated by the promoters of Rajesh Exports, a global Fortune 500 company, would be setting up the Display FAB in technological association and with technology inputs from some of the most advanced and finest research centres across the world, the release said.
Rama Rao further said having a display fab in Telangana would put India on a global map at par with select few countries such as China, USA, and Japan.
"Since the announcement of India Semiconductor Mission, the Telangana government 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," he said.
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 state and its ancillaries, he said.
With the announcement of this investment, Telangana emerges as a front-runner in the semiconductor and display fab sector, the release said adding it is one of the largest investments in the country's electronics sector and the largest ever investment by size in Telangana state.
The display fab would be set up under the India Semiconductor Mission programme of the Ministry of Electronics and Information Technology, Government of India.
Chairman of Rajesh Exports Rajesh Mehta said the display fab in Telangana would attract some of the finest global talents in the next generation technology and would generate direct opportunity to more than 3,000 people, including scientists and advanced technology professionals.
"It would create a much larger ecosystem of partners, ancillaries, suppliers, generating thousands of jobs. Elest is confident that the setting up of the Gen6 AMOLED Display manufacturing facility will generate a global interest and would ensure future technology growth in our country, he said.Elest would also be setting up a research and development centre for research in the next generation areas of advanced display technology, the release added.