Information technology firm Zoho will invest Rs 50-100 crore and set up a company to focus on research and development (R&D) in the manufacturing sector in the Kongu region of Tamil Nadu.
Zoho co-founder and CEO, Sridhar Vembu noted that a majority of the technology in the manufacturing sector in the country is being imported and it is lacking critical know-how. "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," Zoho Co-founder and CEO, Sridhar Vembu explained.
Vembu stated that the manufacturing sector, like textile, motor and pumps, battery for electric vehicles and machine tools, was importing machines and technology. He added that Zoho will form a company and invest Rs 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," conveyed Vembu.
The Zoho CEO explained that the new company would be set up in another three months. It will start R&D work by setting up a laboratory and identifying problems being faced by the industries so that research work can begin.
Zoho Corporation was founded by Sridhar Vembu and Tony Thomas in 1996. It is an Indian multinational technology firm that is into developing web-based business tools. The company has a presence in seven locations across the world. Zoho is headquartered in Pleasanton, California, with international headquarters in Chennai, India.
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