Zoho, a Chennai-based global technology company, is setting up a consortium to invest in research and development to help manufacturing sector in Kongu region of Tamil Nadu to gain critical knowhow.
There is a need to bring in import substitution and develop high-end technology at the regional level for the benefit of the manufacturing sector, Zoho Co-founder and CEO, Sridhar Vembu told reporters recently in Chennai.
Stating that the capital goods manufacturing sector, like textile, motor and pumps, battery for electric vehicles and machine tools, was importing machines and technology, Sridhar said that Zoho will form a company and invest Rs 50 to 100 crore, with a matching investment from local industries in eight sectors.By developing the critical know-how and import substitution for all the industries, not only the region, eight western Tamil Nadu districts, will become high wage economy but also the entire state, he claimed.The company would be set up in another three months and start R & D work by setting up a laboratory and identify the problem being faced by the industries, so that research work can be started, he said.