India’s 1st Display Manufacturing Factory Will Be Built At Rs 24,000 Crore Expense By This Jewellery Exporter
The Fortune-500 company Rajesh Exports has entered into an agreement with the Telangana government to set up India’s first display fabrication facility in India, by making investments worth Rs 24,000 crore.
On June 12, 2022, the state government announced that the subsidiary company of Rajesh Exports, Elest, will set up Generation 6 AMOLED Display FAB in Telangana, making it the biggest investment by value in the state.
Here’s everything you need to know about the development.
Rajesh Exports to Build India’s 1st Display Facility in Telangana
According to the Telangana government’s statement on June 12, it has signed a memorandum of understanding with Rajesh Exports to transform the state into the most attractive investment destination in India for semiconductors.
The vast investment capital outlay by Rajesh Exports is a part of the Government’s $10 billion incentive plan for pushing Indian companies to set up semiconductor and display operations in the country.
The state’s IT Minister KT Rama Rao tweeted, “Historic day for Telangana. Rajesh Exports (Elest), a Fortune-500 company, to set up 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 the high-tech manufacturing sector in India.”
Speaking of Elest, the company was created for the purpose of manufacturing innovative technology products like Lithium-ion cells, batteries, electric vehicles, and AMOLED displays, among others, stated reports.
The company’s Chairman Rajesh Mehta said, “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.”
He added that it would create a much larger ecosystem of partners, ancillaries, suppliers, generating thousands of jobs, ensuring the future growth of technology in the country.
The state government on the other hand, 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.
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