Schedule a Call Back
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)
Related Stories
Construction Equipment
Pai Machines buys manufacturing asset of L&T Construction Equipment’s unit
Pai Machines acquired the plant with a capacity to produce more than 1,800 units, featuring machines ranging in cost from 25 lakhs to 75 lakhs, and providing employment to over 300 people.
Read moreAuto & Auto Components
SIAM holds Automotive Sourcing Conclave 2024
The sessions explored innovative solutions to enhance supply chains for EVs, adopt emerging technologies in sourcing, and harmonise regulatory compliance with operational resilience for a competitiv..
Read moreAuto & Auto Components
Slowing demand to curb auto component revenue growth to 6-8%
Exports are vital, currently constituting 15% of total revenue, down from about 17% in fiscal 2022. Although export growth is slowing, India's increasing share of high-margin, critical componentsâ€..
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
