Bhubaneshwar: UK-based global conglomerate SRAM & MRAM Group, and a name known for being the pioneer in the construction business, recently announced that the group will invest Rs 2 lakh crore in Odisha to set up a semiconductor unit in the state.
In order to establish the semiconductor fab project in Odisha, an MoU has been signed between IPICOL, the Government of Odisha and SRAM & MRAM Technologies. The investment will be made and utilised in a phased manner. In the first phase, the group will invest INR 30,000 crore. The group will be tying up with global leaders in semiconductors for technical collaboration.
The core Group has a long history of investing in different areas, segments and industries across the country and supporting development through funding, mentoring and industry network. Its overarching aim is to create an ecosystem that caters to economic growth and nation-building. It does all this through Startup Wings which is an important arm for the group’s core investments all across India and worldwide. Startup Wings is a UK-based Investment and Business Consultancy Firm & Growth Accelerator and a collaborator and partner of the SRAM & MRAM group in all its development-oriented deeds.
Sharing his happiness on this collaboration, Dr. Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group, quoted, “This investment has been in the pipeline for a very long time and we are happy to see it finally shaping up into a reality. The development of the country is one of the priorities of all that we do. With this collaboration, we are eyeing at some real major achievements rolling our way.”
With Startup Wings, the Group aims to support start-ups in varied stages of their funding and offer them a global platform. The Group is helping and nurturing the start-up ecosystem while aiding in boosting the economy and in nation-building.
Gurujee Kumaran Swami, Vice-Chairman, SRAM & MRAM Group added to this, “We are extremely happy with this collaboration. The state government also believes strongly in the potential of the group and the development of the semiconductor industry in the state. They are really looking forward to the adventures the future holds for both the stakeholders.”
Earlier the group invested USD 100 million in the 5ire Blockchain Ecosystem. 5ire start-up aims to be the world’s first sustainability-focused Layer 1 project (a Layer 1 network refers to a blockchain, like Bitcoin, Ethereum, etc.).
Gagan Verma, Co-Founder, Startup Wings, quoted, “The investment by the group is a strategic investment. This will certainly pave way for future investments and development in the region in varied sectors while creating a long-lasting impact with its own niche. We also aim to spread our wings and develop the ecosystem around us. We are sure that this collaboration is going to prove fruitful for the state as well as for the group in the times to come.”
Currently, the SRAM & MRAM Group invests through four major funds, Startup Wings, The 1st Lion, The Sindhi Angels, and The 1st Lioness Fund. These funds support the start-ups all over the world, from seed to IPO, and beyond. Some of the flagship portfolio companies of the group include 5ire, Bumble Bee Flights, IMPS ENERTURE, etc.
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