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Sridhar Vembu
Chennai-based SaaS giant Zoho's CEO, Sridhar Vembu, stated that the company is not yet ready to announce anything regarding the semiconductor fab news.
In response to a Reuters report suggesting that Zoho is considering a $700 million investment to set up a chip manufacturing and design plant, Vembu said, "We are not ready to announce anything yet."
"All I can say right now is that this technology is vital for our nation, and we need companies to step up and make the investment. The government is very supportive, and now is the time," Vembu said.
The report also said that Zoho is seeking incentives under the production-linked incentive (PLI) scheme for a chip design and manufacturing facility in the country.
The report came more than a month after Vembu announced plans to create an advanced chip design facility in the Tenkasi district of Tamil Nadu.
"More broadly, our nation needs to step up our investment in industrial R&D, with industry and academia working together to tackle the complex technologies that underpin economic prosperity," Vembu said in his X post.
"My personal mission is to combine that R&D focus with rural development in a holistic way. I am sorry I cannot say more right now," he added.
Regarding the semiconductor fab news, we are not ready to announce anything yet.
— Sridhar Vembu (@svembu) May 17, 2024
All I can say right now is that this technology is vital for our nation and we need companies to step up and make the investment. The government is very supportive and now is the time.
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