Jewellery exporter Rajesh Exports-owned entity Elest has signed an agreement with Telangana to set up a display fab facility involving Rs 24,000 crore of capital outlay as a part of India’s $10-billion Semicon India scheme, marking India’s first display fab facility to come up in Telangana.
Karnataka-based Elest was incorporated for the purpose of manufacturing innovative technology products such as AMOLED displays, Lithium-ion cells, batteries and electric vehicles, among others.
In a statement on June 12, the Telangana government said the memorandum of understanding entered into with Rajesh Exports should transform Telangana into the most attractive investment destination in India for semiconductors. The proposed investment of Elest is one of the largest investments in India’s electronics sector and the largest-ever investment by size into Telangana.
Elest would set up the display fab facility with technology inputs from some of the most advanced research centres across the globe.
Telangana Industries Minister KT Rama Rao and Rajesh Exports’ Chairman Rajesh Mehta announced that the Generation 6 AMOLED display fab facility will manufacture next-generation displays for smartphones, tablet computers, and laptops, among others.
“The Display FAB in Telangana would attract some of the finest global talents in the next-generation technology and would generate a direct opportunity to more than 3,000 people including scientists and advanced technology professionals,” said Mehta. “It would create a much larger ecosystem of partners, ancillaries, suppliers, generating thousands of jobs,” he said, adding that Elest’s Gen6 AMOLED display manufacturing facility would generate global interest and would ensure future technology growth in India.
Since the announcement of the India Semiconductor Mission, the Telangana government has been working on a mission mode to have a fab in the state, said Rao. “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,” the minister said, adding that a display fab in Telangana would put India on a global map at par with select few nations such as China, the United States and Japan.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
