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L&T Semiconductor Technologies to secure 6 clients by September-end
Industry News- Aug 14,24
The contracts are expected to total $150 million annually.
L&T Semiconductor Technologies, a subsidiary of India's largest infrastructure firm Larsen & Toubro, plans to finalise contracts with six automobile companies by the end of September. These will mark the company's first clients, according to Sandeep Kumar, CEO.
The contracts are expected to total $150 million annually, Kumar revealed in an interview.
Established in November 2023 with a $100 million investment from its parent company, L&T Semiconductor currently does not generate revenue. The firm is concentrating on the automotive sector, anticipating long-term business as automotive contracts typically extend over a decade once secured.
The company is set to sign agreements with three Indian automobile manufacturers within the next two weeks and three European companies by the end of September. Specific client names will be disclosed through joint announcements.
Competing with major players like Qualcomm and NXP Semiconductors, L&T Semiconductor focuses on designing chips for automotive applications, including functions like windows, air conditioning, and power delivery. While it does not yet manufacture the chips, there are plans to establish a production facility once sales reach $1 billion annually. Kumar expects this milestone within seven years.
Tata Electronics, also based in India, is currently developing the country's first semiconductor fabrication facility in Gujarat.
(Reuters & MoneyControl)
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