Source -TIMES OF INDIA.COM
Polymatech, India’s foremost semiconductor chip manufacturer, has announced its expansion plans. Established in 2007, Polymatech is a Tamil Nadu-based company that produces a wide range of products including flip-chip, COB, Ceramic Chip – HTCC / LTCC.
The company says that As per the Indian Electronic Semiconductors Association (IESA) the Indian semiconductor market is projected to reach the US $64 billion by 2026. Further, the global industry market size would be US$ 1,340 Billion by 2029 as per World Semiconductor Trade Statistics (WSTS). Today there is a great demand for semiconductor chips as the market is experiencing a shortage worldwide. In India, the semiconductor market largely depends upon imports. With the ambition to increase self-reliance in the sector and Position India as a leading semiconductor manufacturing hub, the Govt of India annouced Rs.76,000 crore package in 2021.The aim is to incentivize investors, and stakeholders and provide a much -needed boost to the semiconductor industry.
The company said that its vision is in line with the government’s vision and initiatives like Makes in India and Digital India.
The company has proposed to invest about US$ 1.00 Bn by 2025. The investment will be in forwarding and backward integration operations of their current products and indigenization of several products that are being imported.
The company has signed an MoU with Govt of Tamilnadu with an initial investment of US$ 130Mn. The company has imported all equipment from Japan, adopting the industry 4.0 theme.
Nandam Eswara Rao, founding President polymatech Electronics said” We recognize immense scope of growth in the industry. As the players at the forefront, we wish to expand our business and create value in the market. With a team made of the best global minds in tech and our investment in the business, we are sure to be able to capitalize on the industry’s potential and scale the semiconductor market in India. We plan to be one of the largest chip manufacturers in Asia by 2025″ He further added that Polymatech received tremendous support and guidance from Government of Tamil Nadu to implement the project.