Polymatech to ramp up production capacities
Polymatech is a newly established Indian company based in Tamil Nadu that manufactures microcontrollers, wireless chips, logic chips, memory chips, and LED chips. The company has an expansion plan of $ 130 Mn to ramp up their manufacturing capacities and has onboarded technical experts from Japan and Finland to lead their technology teams. Polymatech's products will significantly reduce India's reliance on imports as these products are not predominantly manufactured domestically.
The company has applied under the SPECS capex incentive scheme of MeitY. Invest India expedited the release of the Letter of Acknowledgement under the scheme to take fast-track the company's investment plans for India.
Invest India is presently conducting industry stakeholder consultations with the company on a possible Round 3 for PLI Large Scale Electronics.
Polymatech has invested ~$ 40 Mn in their India project and has started commercial production. By 2024, the company's workforce will increase to 750.