Elest, a subsidiary of Rajesh Exports, has applied for incentives under the Semicon India scheme for building a display fab factory
A potential new entrant into the electric vehicle battery and semiconductor display segment is here— Rajesh Exports.
The jewellery exporters is reportedly looking to foray into segments like battery cells for electric vehicles and semiconductor display fabs through large, multi-year investments in Karnataka and other states.
As per ET, Rajesh Exports executive chairman Rajesh Mehta said that it will invest about Rs 50,000 crore over seven years in the electric vehicles division.
Rajesh Exports plans to launch its own range of electric vehicles in 12-18 months, for which Karnataka has been decided as the investment destination.
For its display fabs foray, the company is in talks with three states including Tamil Nadu for setting up a Rs 24,000-crore display fab facility under the Centre’s $10-billion Semicon India scheme to jump-start semiconductor and display ecosystem in the country.
“We are close to signing an MoU with one of the states we are in talks with. We should be able to arrive at the final state in about three weeks,” Mehta said.
He said the proposed foray into technology has “been in the works for 4-5 years”. The move will help leverage business growth in these areas and take advantage of central incentives announced over the last year, he added.
For its slated entry into the new tech areas, the company will marshal its funding primarily through “internal accruals” but will be open to other sources like private equity infusions after one year, Mehta said.
Elest, a subsidiary of Rajesh Exports, has applied for incentives under the Semicon India scheme for building a display fab factory.
Mehta said the investment of Rs 24,000 in the display fabs category would be made over a period of six to seven years.
