Financial Daily from THE HINDU group of publications
Tuesday, Feb 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 28, 2006 |
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Info-Tech
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Software Tessolve Services plans facility in India Our Bureau
Chennai , Feb. 27 Tessolve Services, which provides solutions for test development, failure analysis and reliability tests for semi-conductor companies, plans to set up a testing, assembling, packaging and prototyping facility in India. The facility is expected to be operational in early 2007, according to Mr Raja Manickam, Chief Executive Officer and Founder, Tessolve. A $200 million is to be invested in the facility over four years. Of this, the company will raise $50 million by July 2006 — 40 per cent will be raised by equity capital and 60 per cent will be raised from financial institutes including State Bank of India, said Mr Manickam. The construction of the facility will also begin this year. Mr Manickam said India is well equipped to manufacture semi-conductor chips and fabricators, because of its strong design capabilities. He said this gave India an edge over other countries strong in manufacturing, such as Taiwan and Korea. He said other factors in India's favour include the number of private equity and venture capital firms, which want to invest in India and a well-run management structure. The Communications and IT Minister, Mr Dayanidhi Maran, who was present at the conference, hoped Tessolve would consider Tamil Nadu as a location to set up its facility. As of now, Karnataka and Andhra Pradesh are wooing the company to build its facilities there, he said. Tamil Nadu needs to wake up to the possibilities of semi-conductor manufacture as a major source of income, as it could facilitate job creation in the State, he added.
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