The Telangana government, on Sunday, signed an MoU with Bengaluru-based Elest for setting up India’s first display fabrication unit in Hyderabad with an investment of ₹24,000 crore.
Elest was promoted by Rajesh Exports, a Global Fortune 500 company that manufactured ultra modern displays for smart TVs and mobile phones.
The MoU was signed by chairman of Rajesh Exports Rajesh Mehta and IT Principal Secretary Jayesh Ranjan in the presence of Industries Minister K.T. Rama Rao in Bengaluru.
A release said Elest was incorporated specifically for the purpose of manufacturing innovative technology products such as AMOLED displays, lithium-ion cells, batteries, and EVs.
The firm would be setting up the display fabrication unit in technological association and with technology inputs from some of the most advanced and finest research centres across the world.
Mr. Rama Rao and Mr. Mehta announced setting up of Generation 6 AMOLED Display FAB in Hyderabad to manufacture next generation displays for smartphones, tablet computers, and laptops.
“Having a Display FAB in Telangana will put India on a global map at par with a select few 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. 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,” said Mr. Rama Rao.
The Display FAB would be set up under the India Semiconductor Mission Programme of the Ministry of Electronics & Information Technology, Government of India.
“The Display FAB will attract some of finest global talents in next generation technology and generate direct employment to more than 3,000 people, including scientists and advanced technology professionals. It will create a much larger ecosystem of partners, ancillaries, and suppliers. Elest is confident that the setting up of the Gen6 AMOLED Display manufacturing facility will generate a global interest and ensure future technology growth in our country,” said Mr. Mehta, adding that Elest would also be setting up a Research and Development centre.
Apart from Mr. Jayesh Ranjan, director of Electronics of Telangana Sujai Karampuri and Elest CEO Shyam Raghupathy were present during the signing of the pact.
