New Delhi: The CEO of Zoho— a cloud software major— Sridhar Vembu, on Friday denied claims about investing Rs 3,034 crore in a semiconductor plant in Odisha.
This came a day after the high-level clearance authority (HLCA) headed by Chief Minister Mohan Charan Majhi cleared a proposal of Silectric Semiconductor Manufacturing Pvt Ltd —set up by the directors of Zoho—for its Rs 3,034 crore silicon carbide device manufacturing unit in Khurda.
“I do not like to comment on rumours and speculation but today’s news item on our semiconductor investment is inaccurate,” Vembu wrote on X.
I do not like to comment on rumors and speculation but today’s news item on our semiconductor investment is inaccurate.
Our investment proposal is still pending with various authorities and decisions have not yet been made.
That is all I can say at this point 🙏
— Sridhar Vembu (@svembu) September 20, 2024
But, the investment proposal was still pending with various authorities and decisions had not yet been made, the CEO claimed.
In May, Vembu had mentioned that the company was not ready to declare anything regarding investments in a semiconductor fabrication unit. That time, he had responded to reports stating that his company would pump millions of dollars into a chip manufacturing plant.
In March, the Zoho Co-founder had announced the company’s plans to set up an advanced chip design facility in Tenkasi district in Tamil Nadu.
With the increasing demand for semiconductor due to introduction of AI in several sectors, around 150 new fabrication units will be needed to meet the industry’s $1 trillion target by 2030.
Presently, five semiconductor manufacturing facilities are coming up in India with a total investment of over Rs 1.52 lakh crore, reports claim.
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