Polymatech Announces US$ 1 Billion Investment by 2025 to Expand Domestic Semiconductor Production in India

Published  August 9, 2022   0
S Staff

The  international market for semiconductors would reach around US$ 1,340 Billion by 2029 as per World Semiconductor Trade Statistics (WSTS)

One of India’s premier semiconductor manufacturers Polymatech has now proclaimed to expand its manufacturing unit with an investment of US$1 billion by 2025. Formed in 2007, the company is based in Tamil Nadu, which manufactures a vast range of products including lip-chip, COB, Ceramic Chip – HTCC / LTCC. The investment will be regarding forwarding and backward integration operations and also to manufacture several products domestically, which are now currently being imported. 

The government of Tamil Nadu has signed an understanding agreement with the company with an assurance of an initial investment of US$ 130 million. Following the routes of industry 4.0 Polymatech has imported all equipment and machinery from Japan. In a press conference, the company said that their mission is to boost the government’s vision of Digital India and Make in India initiatives. Apart from that Polymatech added that, as per a latest report of Indian Electronic and Semiconductors Association, the market of domestic semiconductors is anticipated to grow by US$ 64 billion by the end of 2026.

Additionally, the international market for semiconductors would reach around US$ 1,340 Billion by 2029 as per World Semiconductor Trade Statistics (WSTS). Currently, the demand for semiconductors is immense, which is because there is slump in production of chips and also the consumer electronics and automobile industry are in dire need of a lot of chips to perk-up production. In spite of several initiatives, the semiconductor industry in India still mostly depends on imports.

In a media interaction, Nandam Eswara Rao, Founding President, Polymatech Electronics said, "We recognize the immense scope of growth in the industry. As 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.”