RRP Electronics, an organization backed by former cricketer Sachin Tendulkar, on Tuesday introduced an funding of INR 5,000 crore for a semiconductor facility in Maharashtra. The funding might be finished over the subsequent 5 years, the corporate stated in a press release.
Contributions from Tendulkar within the total funding or particulars of different shareholders weren’t disclosed by the corporate.
The assertion stated on March 23, a 25,000 sq. ft facility within the satellite tv for pc metropolis of Navi Mumbai was unveiled within the presence of Tendulkar, retired nuclear physicist Anil Kakodkar and the corporate’s founder, chairman, promoter and chief government Rajendra Chodankar.
It’s an outsourced semiconductor meeting and check (OSAT) facility and plans are afoot to determine a complete analysis and improvement centre and have an expanded setup encompassing multi-line OSAT and a fab foundry, the assertion stated.
“Embarking on a journey of innovation, RRP Electronics pledges an preliminary funding of INR 5,000 crore over the forthcoming 5 years, with equal vigour and dedication earmarked for section II,” the assertion stated.
It added that authorities subsidies will even be used to enhance the enterprise, which is able to serve sectors reminiscent of automotive, energy, electronics, and industrial markets.
Chodankar referred to as it as Maharashtra’s pioneering semiconductor facility and added that Tendulkar is a “strategic investor” within the firm.
“We stay in thrilling instances right this moment, when India is constructing industries that positively affect the world tomorrow. I am completely satisfied to be backing applied sciences and entrepreneurs who’re a part of this story,” Tendulkar was quoted as saying.
The semiconductors sector is claimed to be capital intensive, and within the current previous, a number of corporations have introduced investments in such initiatives.
