Rajesh Exports setting up India's first display plant with $3 bln investment

Rajesh Exports

13/06/2022 06:51

NEW DELHI, June 13 (Reuters) - Jeweller Rajesh Exports
 REXP.NS  has agreed to invest $3 billion in India's southern
Telangana state to set up the country's first electronic-display
plant, the state government said late on Sunday.
    India and many governments around the world have raced to
subsidise the construction of semiconductor and display
factories as a shortage has hobbled the auto and electronics
industries and highlighted the world's dependence on a few
sources, such as Taiwan, for vital supplies. 
    "What was hitherto possible only in Japan, Korea and Taiwan,
will now happen in Telangana," the creation of a large-scale
ecosystem of partners and ancillaries supplying world-class
television, smartphone and tablet makers, Telangana Industries
Minister KT Rama Rao said, announcing the investment.
    Rajesh Exports is also an applicant for Prime Minister
Narendra Modi's $10 billion incentive plan to push companies to
set up semiconductor and display operations in India, the
government's next big bet on electronics manufacturing.
    Industry body ICEA estimates demand in India for displays
will be nearly $60 billion between 2021 and 2025.
    Rajesh Exports, which has no prior experience in electronics
manufacturing, is making the investment through Elest, a unit it
incorporated for diversifying into making products such as
displays and electric vehicles.
    The company has qualified for incentives under a $2.4
billion federal government scheme for battery manufacturing in
India.

 (Reporting by Munsif Vengattil in New Delhi; Editing by Bradley
Perrett)
 ((munsif.vengattil@thomsonreuters.com;))