Zoho considering $700m investment in chip making
Indian software giant Zoho is planning to spend USD 700 million on a plan to set up its own semiconductor manufacturing operation.
Multiple sources say the Chennai-based firm, which specialises in cloud software and services, is talking to the Indian government's IT ministry panel about possible support for the project. According to Reuters, Zoho is proposing a facility based on compound semiconductors, which have specialised commercial applications and are made from alternatives to silicon.
If it goes ahead, the project will represent yet another major statement of intent by India in terms of global chip making. Earlier this year, the Indian government rubber stamped a USD 15.2 billion budget to build three new semiconductor plants, including the country's first 12-inch wafer fab – a joint project run by Tata Group and Taiwan’s Power Chip.
Zoho reported over $1 billion in annual revenue for the financial year ending March 2023.
