With an investment of Rs 5,000 crore, the company is also aiming to set-up an advanced research and development center coupled with a fab foundry.
Home-grown electronics company RRP Electronics, funded by the legendary former cricketer Sachin Ramesh Tendulkar, has now announced plans to invest Rs 5,000 crore in a new semiconductor manufacturing unit in Maharashtra. In an official statement, the company added that the investment will be made for the next five years.
When the media reached out for further details in regards to Sachin’s investment and shareholder details, the company did not respond. But the company assured that in the coming week, all the details will be disclosed to the media. The official statement of the company further revealed that a 25,000 square feet unit on March 23, 2024 was unveiled in the satellite city of Navi Mumbai in the presence of the master blaster.
Retired nuclear physicist Anil Kakodkar and the company's founder, chairman, promoter, and chief executive, Rajendra Chodankar also attended the opening ceremony of the facility. Media reports have highlighted that the investment is for an outsourced semiconductor assembly and testing (OSAT) unit. Apart from this, the company is also aiming to set-up an advanced research and development center coupled with a fab foundry.
The spokesperson of the company told the media, “Embarking on a journey of innovation, RRP Electronics pledges an initial investment of Rs 5,000 crore over the forthcoming five years, with equal vigor and commitment earmarked for phase II.” Moreover, it is also reported that subsidies by the government will be unutilized in expanding the project, which will cater to various industrial sectors such as automotive, power, electronics, and industrial markets.
While applauding the investments and initiatives undertaken by the union cabinet, CEO Chodankar said this upcoming project is going to be highly sophisticated and a game-changer in Maharashtra’s industrial development. Sachin Tendulkar is a strategic investor in the company who, for a very long time, has been involved in discussing the project with the company and the state government.
"We live in exciting times today, when India is building industries that positively impact the world tomorrow. I'm happy to be backing technologies and entrepreneurs who are part of this story," Tendulkar told the media.
