Rajesh exports to enter the chip display, a segment of EV batteries: Report

Elest, a subsidiary of Rajesh Exports, is applying for incentives under the Semicon India scheme to build a display factory

Rajesh Exports is a potential new entrant in the segment of electric vehicle batteries and semiconductor displays.

Jewelry exporters are reportedly seeking to break into segments such as battery cells for electric vehicles and semiconductor display factories through large, multi-year investments in Karnataka and other states.

According to ET, Rajesh export executive chairman Rajesh Mehta said that will invest about 50,000 rupees in seven years in the electric vehicle department.

Rajesh Exports plans to launch its own range of electric vehicles in 12-18 months, for which Karnataka is designated as an investment destination.

For its raid on display factories, the company is in talks with three states, including Tamil Nadu, to set up a 24,000 rupee display factory under the Semicon India Center’s $ 10 billion scheme to launch a semiconductor and display ecosystem in the country.

“We are close to signing a memorandum of understanding with one of the countries we are negotiating with. “We should be able to reach the final state in about three weeks,” Mehta said.

He said the proposed entry into technology “has been going on for 4-5 years”. The move will help boost business growth in these areas and take advantage of central incentives announced last year, he added.

For its planned entry into new technology areas, the company will allocate its funding mainly through “internal charges”, but will be open to other sources such as private capital infusions in a year’s time, Mehta said.

Elest, a subsidiary of Rajesh Exports, has applied for incentives under the Semicon India scheme to build a display factory.

Mehta said the investment of Rs 24,000 in the display factories category would be made over a period of six to seven years.