Hours after reports surfaced that Zoho, Chennai-based tech giant, might establish a semiconductor venture in Odisha with an investment of INR 3,034 crore, the company’s founder and CEO, Sridhar Vembu, refuted the claims, calling the news “inaccurate.”
In a post on the social media platform X, Vembu stated, “I typically avoid commenting on rumors and speculation, but today’s report on our semiconductor investment is incorrect. Our investment proposal is still under review by various authorities, and no final decisions have been made yet. That’s all I can share at this time.”
The initial report by BusinessLine suggested that the Zoho group was planning to build a semiconductor unit in Odisha with a significant investment. It also mentioned that a company named Silectric Semiconductor Manufacturing Pvt Ltd, established by Zoho directors in March, was looking to set up a silicon carbide manufacturing facility in the Khurdha district of Odisha.
The news gained momentum after a post by Odisha’s Minister of State for Industries, Skill Development, and Technical Education, Sampad Chandra Swain, on the platform X.
