Polymatech to invest $16.5 mn for chip facility in Bahrain
Polymatech Electronics Ltd announced setting up of semiconductor chip manufacturing facility in Bahrain to strengthen its presence in MENA region and drive innovation in medical electronics and food security, said a top official.
“The initial investment is $16.5 million reflects our broader strategy to invest over $100 million in Bahrain by 2027,” its CEO & Founder Eswara Rao Nandam told the press.
“Our decision to invest in Bahrain is driven by its strategic position and its potential to become a pivotal player in the semiconductor industry,” he said.
An announcement to this effect was made during the visit of Bahrain Economic Development Board officials to the Chennai facility. Polymatech will establish the semiconductor facility in Bahrain’s Industrial Area of Hidd under the brand name Atri.
“Polymatech establishing a semiconductor facility in Bahrain is a pivotal milestone on this journey of digital transformation,” said Bahrain Minister of Sustainable Development and CEO of Bahrain EDB Noor bint Ali Alkhulaif adding it would usher in a new era of innovation and technological advancement across sectors, contributing significantly to the national economy.
Team Bahrain also announced investments by three other India-based companies — Chemco Plastics, Bhageria Industries and an ICT firm in the region.
The city-based Polymatech designs, manufactures, packages and assembles opto-semiconductor chips and modules.
Published - September 14, 2024 10:51 pm IST
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