Polymatech to set up semiconductor facility in Bahrain

Polymatech

Polymatech Electronics, India’s first opto-semiconductor chips manufacturer, said it will invest $16 million in Bahrain to establish a semi-conductor manufacturing facility in the gulf country.

The facility to be set up as 'Atri' in Bahrain Industrial Area – Hidd – would play a critical role in producing essential 5G and 6G components and marks Polymatech Electronic's first step in expanding its global footprint.

"We, at Bahrain EDB are pleased to welcome Polymatech alongside several leading multi-sector companies to business-friendly Bahrain. Bahrain continues to maintain momentum in delivering on its vision of developing a digital-first, intelligent economy, fostering a future-ready ecosystem that prioritizes the development of next-generation technologies, advanced manufacturing and a highly skilled workforce," Minister of Sustainable Development, Chief Executive of Bahrain Noor bint Ali Alkhulaif said.

Polymatech establishing a semiconductor facility in Bahrain is set to usher in a new era of innovation and technological advancement across sectors, contributing significantly to the national economy, he said.

The entry of Polymatech into Bahrain would contribute towards the country's economic diversification, sustainable growth and a goal of becoming a hub for innovation and technological excellence in the region.

"We are excited to bring our expertise in semiconductor manufacturing to Bahrain, which offers a strategic location and facilitated access to the region. Establishing our semiconductor manufacturing facility here aligns perfectly with our expansion goals.." said Polymatech Electronics Managing Director and CEO Eswara Rao Nandam.

Polymatech was eyeing an IPO debut earlier this year, but its draft papers were returned on March 28 by the SEBI. Its issue size was expected to be about Rs 750-1,000 crore in a price band of between Rs 680-750 per share, sources aware of the matter told Moneycontrol on the condition of anonymity.

(With PTI inputs)