New Delhi: The jewellery exporter – Rajesh Exports is planning to foray into new technology segments like battery cells for electric vehicles and semiconductor display fabs through large, multi-year investments in Karnataka and other states.
“We will invest about Rs 50,000 crore over seven years in the electric vehicles division,” Rajesh Exports Executive Chairman Rajesh Mehta told a news source.
Rajesh Exports is looking forward to introducing its own range of electric vehicles in 12-18 months. For this the company is going to invest in Karnataka.
The company is in discussion with three states including Tamil Nadu to set up a Rs 24,000 crore display fab facility under the Centre’s $10 billion Semicon India scheme to jump-start semiconductor and display ecosystem in the country.
“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 said.
He said the proposed foray into technology has “been in the works for 4-5 years”. The move will help leverage business growth in these areas and take advantage of central incentives announced over the last year, he added.
For its slated entry into the new tech areas, the company will marshal its funding primarily through “internal accruals” but will be open to other sources like private equity infusions after one year, Mehta said.
Mehta said the investment of Rs 24,000 in the display fabs category would be made over a period of six to seven years.
