One of the most successful jewelry exporters in the country, Rajesh Exports’ subsidiary Elest has put pen to paper with the government of Telangana to construct and operate a fabrication plant.
This deal will be setting the company back by Rs. 24,000 crores as they play a major part in India’s $ 10 billion USD road map to make the country one of the largest players in the world semiconductor industry; something that the government of India has identified to become a lucrative industry in the coming years as digitization becomes ubiquitous all across the globe.
This deal also means that Telangana will be housing their first ever semiconductor fabrication plant as they look to set more up in the coming years.
Elest is a start-up company that is owned by Rajesh Exports. The company has plants and produces crucial electronic parts that will be used in electronics for business and industrial purposes and even for consumer electronics. Just over a year ago, the company set a plant to produce lithium-ion cells and other batteries in Karnataka and soon followed it by building an EV producing plant in the same state. The company is less than 2 years old and its head office is situated in Bangalore. They also manufacture many sizes of AMOLED screens.
In a statement that was released on 12th of June, it stated that a memorandum of understanding has been signed by the government of Telangana and the people of Rajesh Exports. It went on to say that deal will make the state the most attractive place for companies to set up their AMOLED fabrication plants. This deal is one of the largest in the country in the electronics space and the largest ever single investment done by the state.
Elest’s new fabrication plant is set to be one of the best facilities and one of the most technologically advanced ones in the world as they will be adopting the best technology and techniques from across the globe.
Over 3,000 people are set find employment directly from this new plant and much more people will find employment opportunities indirectly from this deal. Telangana is slowly becoming one of the most business friendly states in the country as they look to become and business and especially tech powerhouse of the country and as India is looking to become a heavyweight in the world semiconductor field, this deal will place Telangana as a lucrative state to set their business in.
