New Delhi, May 17 (IANS): Cloud software major Zoho's Founder and CEO Sridhar Vembu on Friday said the company is not ready to announce anything yet regarding investments in a semiconductor fabrication unit.

Reacting to reports that Zoho is geared up to pump millions of dollars into a chip manufacturing/design plant, the company CEO said, “We are not ready to announce anything yet.”

“All I can say right now is that this technology is vital for our nation and we need companies to step up and make the investment,” Vembu posted on X social media platform.

“The government is very supportive and now is the time,” he added.

On Thursday, sources with direct knowledge of the matter told IANS that the cloud software major is seeking incentives under the production-lined incentive (PLI) scheme for a chip design and manufacturing facility in the country.

The Zoho Founder had announced plans in March to create an advanced chip design facility in Tenkasi district in Tamil Nadu.

In the X post, Vembu further said, “Our nation needs to step up our investment in industrial R&D, with industry and academia working together to figure out all the complex technologies that underpin economic prosperity.”

“My personal mission is to combine that R&D focus with RD (rural development) in a holistic way,” he said, adding that “I am sorry I cannot say more right now.”

According to the latest industry data, the current electronics manufacturing at nearly $103 billion translates to a semiconductor requirement of $26-$31 billion.

Prime Minister Narendra Modi laid the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore in March this year.