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Elest, a subsidiary of Rajesh Exports, will be investing Rs 24,000 crore to set up the country's first display fab facility in Telangana.
K T Rama Rao, Telangana's IT minister and the Chairman of Rajesh Exports - Rajesh Mehta announced the setting up of Generation 6 AMOLED Display FAB on 12th June 2022.
The government of Telangana signed an MoU with Elest for the proposed fabrication unit which will manufacture next-generation displays for smartphones, tablet computers, and laptops.
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Telangana's IT minister tweeted: "Historic day for Telangana. Rajesh Exports (Elest), a Fortune-500 company, set up India's first Display FAB to manufacture the most advanced AMOLED displays, with an investment of Rs 24,000 crore, making it one of the largest investments in the high-tech manufacturing sector in India."
Elest, incorporated by the promoters of Rajesh Exports, a global Fortune 500 company, would be setting up the Display FAB in technological association and with technical inputs from some of the most advanced and finest research centers across the world, the release said.
Rama Rao said that having such a facility in Telangana would put India on par with countries such as China, USA, and Japan, on a global level.
"Since the announcement of India Semiconductor Mission, the Telangana government has been working on a mission mode to have a Fab in the state and this investment will provide us further encouragement to continue our efforts," he quoted.
The current investment of Rs. 24,000 crore by Rajesh Electronics is one of the largest investments in the country's electronics sector and the largest ever investment by size in Telangana state.
This setup would be initiated under the India Semiconductor Mission program of the Ministry of Electronics and Information Technology, Government of India.
Chairman of Rajesh Exports Rajesh Mehta said “The display fab in Telangana would attract some of the finest global talents in the next-generation technology and would generate the direct opportunity to more than 3,000 people, including scientists and advanced technology professionals.
"It would create a much larger ecosystem of partners, ancillaries, suppliers, generating thousands of jobs. Elest is confident that the setting up of the Gen6 AMOLED Display manufacturing facility will generate global interest and would ensure future technology growth in our country", he said.
Despite a huge fall in the Nifty Index by 427.40 points, the stock traded in green and closed at Rs. 548.35 (+4.91%) on 13th June 2022, after making a high of Rs. 568.50 on the same day.
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