Polymatech, announcing its expansion plans in India, has said the company will invest $1 billion in semiconductor manufacturing by 2025. The investments will be in forward and backward integration operations of its current products and indigenisation of several products that are being imported. The company has signed an MoU with the Government of Tamil Nadu with an initial investment of $130 million.
In a bid to adopt the industry 4.0 theme for semiconductor manufacturing, the company has imported all semiconductor manufacturing equipment from Japan.
“As players at the forefront, we wish to expand our business and create value in the market,” noted Nandam Eswara Rao, Founding President, Polymatech Electronics. He said, “We are sure to be able to capitalise 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.”
Polymatech has successfully completed all required trials with the first phase of imported machinery that has a capacity of 250 million chips.
As per the Indian Electronic and Semiconductors Association (IESA), the Indian semiconductor market is projected to reach $64 billion by 2026. Further, the global industry market size would be $340 billion by 2029 as per World Semiconductor Trade Statistics (WSTS).