Coherent to set up new global facility in India
Coherent Corp has announced it will establish a global centre of excellence in India for research and development, a move that represents its first direct investment in the country.
As reported by The Hindu, the first-of-its-kind global facility will be set up at the Indian Institute of Technology Madras Research Park (IITMRP) in Taramani, and focus on products and services for lasers, optical networking components and systems, electric vehicle batteries and compound semiconductor devices, Coherent says.
The move comes after the firm entered a tripartite memorandum of understanding with Guidance Tamil Nadu – the investment promotion agency of the Government of Tamil Nadu – and IITMRP.
“India represents many areas of opportunity for our company,” Giovanni Barbarossa, Chief Strategy Officer and President of the Materials Segment for Coherent, told The Hindu.
He added: “India is a rapidly growing market for Coherent Corp with an almost $2 billion total addressable market growing at a 40% CAGR over the next five years. It is a great base for our manufacturing operations and an ideal hub for our R&D activities. With this significant investment, the Centre of Excellence signals our commitment to partner with India and invest in Indian talent to establish and grow cutting-edge technology in the country. The availability of talent and the plug-and-play research park, which provides us with the opportunity to work with world-class facilities, were primary considerations in selecting Chennai, and we are excited to be here.”
T.R.B..Rajaa, Minister of Industries, Investment Promotion, and Commerce, Government of Tamil Nadu, said: “We are glad that Coherent Corp., a company that plays an important role in the semiconductor value chain, has chosen Tamil Nadu for its first global Centre of Excellence (CoE). We are happy that this is their first direct investment in India in laser applications. The combination of the State’s vibrant business ecosystem, unparalleled talent pool and presence of pioneering academic institutions makes Tamil Nadu a destination of choice for companies like Coherent.”
Coherent has R&D, manufacturing, sales, and distribution facilities in over 130 locations across 20 countries.