Jeweller Rajesh Exports has agreed to invest $3 billion in Telangana to set up the country’s first electronic-display plant, the state government said late on Sunday.
India and many governments around the world have raced to subsidise the construction of semiconductor and display factories as a shortage has hobbled the auto and electronics industries and highlighted the world’s dependence on a few sources, such as Taiwan, for vital supplies.
Industry body ICEA estimates demand in India for displays will be nearly $60 billion between 2021 and 2025.
Rajesh Exports, which has no prior experience in electronics manufacturing, is making the investment through Elest, a unit it incorporated for diversifying into making products such as displays and electric vehicles.
The company has qualified for incentives under a $2.4 billion PLI scheme for battery manufacturing in India.
