Zoho to enter R&D in manufacturing sector, set to invest ₹50-100 crore and form a new company
- ByStartupStory | October 25, 2021
Zoho, an information technology company, will invest Rs 50,100 crore and set up a company that will focus on research and development (R&D) in the manufacturing sector in the Kongu region of Tamil Nadu. The plans of the Tamil Nadu-based company coincide with the central government’s strong drive to ramp up production in India.
co-founder and CEO Sridhar Vembu said the majority of manufacturing activity in India relies heavily on imports of advanced technology to machinery. There was a need to replace imports and develop advanced technology regionally for the benefit of the manufacturing sector. Zoho will form a company and invest Rs 50-100 crore, with corresponding investments from local industries in eight sectors.
“By developing essential know-how and import substitution for all industries, not only the region, eight districts in western Tamil Nadu, will become a high-wage economy, but also the entire state,” said Vembu.
Zoho’s CEO explained that the new company would be formed in three months. It will initiate R&D work by setting up a laboratory and identifying the problems faced by manufacturers so that the research can begin.
Zoho Corporation is an Indian multinational technology company that produces web-based business tools. Founded in 1996 by Sridhar Vembu and Tony Thomas, the company operates in seven locations with global headquarters in Chennai and headquarters in California.
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