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Exporter of jewellery Rajesh Exports plans to enter new knowledge-based segments such as Battery cells for Electric vehicles. The huge multi-year investment in Karnataka and other states has resulted in the creation of semiconductor display fabs.
“We will invest approximately Rs 50,000 crore in the electric vehicle division over seven years,” Govt chairman Rajesh Mehta said.
Rajesh Exports will launch its own range of electric automobiles within 12-18 months. Karnataka has been chosen as the investment destination.
The corporate is currently in discussions with Tamil Nadu and three other states to establish a Rs 24,000 crore display fab facility under the Centre’s $10 billion Semicon India scheme. This will help jump-start the nation’s semiconductor and display industry.
“We are close to signing an MoU with one of the states we are in talks with. We should be able to arrive at the final state in about three weeks,” Mehta mentioned.
He said that the idea of a charge into know-how has been in the works for around 4-5 years. He said that the transfer will help to leverage enterprise progress and reap the benefits from central incentives over the past twelve months.
Mehta stated that the Rs 24,000 investment in the display fabs class could have been restructured over a period of six to 7 years.
