Zoho Corp has categorically denied media reports suggesting the company is planning a significant investment of ₹3,000 crore in a semiconductor venture based in Odisha.
What Happened: Sridhar Vembu, CEO of Zoho said in an X post (formerly known as Twitter) that the rumours and speculation on the company’s semiconductor investment is inaccurate and the proposal is still pending.
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On Thursday, Hindu Businessline reported that Zoho Group was planning to invest ₹3,034 crore in Odisha. The media report citing a X post by Sampad Chandra Swain, minister of state for industries, skill development and technical education in the government of Odisha, saying they had discussed a proposal.
The post said the Odisha High Level Clearance Authority (HLCA) approved 12 major industrial projects, and half of the investment, out of the ₹39,000 crore, had been sanctioned.
In May, it was reported that Zoho was planning to enter the chipmaking industry with a $700 million (₹5,848 crore) investment. The company planned to manufacture compound semiconductors, a potential alternative to silicon in chipmaking.
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