"Inaccurate": Sridhar Vembu Dismisses Reports About Zoho's Rs 3,000 Crore Investment Plan In Odisha For Chip Manufacturing Unit

Zoho Corporation CEO Sridhar Vembu on Friday (20 September) has denied media reports about the company's semiconductor investment in Odisha.

"I do not like to comment on rumors and speculation but today's news item on our semiconductor investment is inaccurate," Vembu said in a post on X.

"Our investment proposal is still pending with various authorities and decisions have not yet been made. That is all I can say at this point," he added.

Sridhar’s remark came after Hindu BusinessLine reported that Silectric Semiconductor Manufacturing Pvt Ltd, a company formed by the directors of Zoho in March 2024, plans to establish a silicon carbide semiconductor manufacturing facility in Khurdha district in Odisha at a cost of Rs 3,034 crore.

The report cites a post on X (formerly Twitter) by Sampad Chandra Swain, MoS (I/C) for Industries, Skill Development and Technical Education, Government of Odisha, that says a proposal has been discussed.

Swain is quoted as saying that the Odisha High Level Clearance Authority (HLCA) approved 12 major industrial projects, and half of the investment, out of the Rs 39,000 crore, has been sanctioned.

The Odisha government has cleared three proposals from the Electronics System Design and Manufacturing (ESDM) sector and these include Silectric Semiconductor Manufacturing’s proposal for silicon carbide device manufacturing unit, the Hindu BusinessLine reported.

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