Zoho to foray into R&D in manufacturing sector1 min read . Updated: 24 Oct 2021, 04:06 PM IST
- Zoho will invest ₹50 to 100 crore, with a matching investment from local industries in eight sectors, Co-founder and CEO Sridhar Vembu said
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Information Technology major Zoho will invest ₹50-100 crore and form a new company, that will focus on research and development (R&D) in the manufacturing sector.
The Tamil Nadu-based firm's plans coincide with Central government's mighty push to scale up manufacturing in India. The company will be set up in Kongu region of Tamil Nadu, Co-founder and CEO Sridhar Vembu has said.
Sridhar said the majority of manufacturing business in India is heavily dependent on imports from cutting-edge technology to machines.
There was a need to bring in import substitution and develop high-end technology at the regional level for the benefit of the manufacturing sector, Sridhar Vembu said.
Stating that the manufacturing sector, like textile, motor and pumps, battery for electric vehicles and machine tools, was importing machines and technology, Sridhar said that Zoho will form a company and invest ₹50 to 100 crore, with a matching investment from local industries in eight sectors.
By developing the critical know-how and import substitution for all the industries, not only the region, eight western Tamil Nadu districts, will become high wage economy but also the entire state, he claimed.
The company would be set up in another three months and start R&D work by setting up a laboratory and identify the problem being faced by the industries, so that research work can be started, he said.
Zoho Corporation is an Indian multinational technology company that makes web-based business tools. The company was founded in 1996 by Sridhar Vembu and Tony Thomas and has a presence in seven locations with its global headquarters in Chennai and corporate headquarters in California.
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