Zoho's Sridhar Vembu Plans Advanced Chip Design Facility in TN's Tenkasi
In a promising development for Tamil Nadu's Tenkasi region, Zoho founder and CEO Sridhar Vembu has pledged to collaborate with Ananthan Ayyasamy, a BJP leader and former Engineering Director at Intel, to establish an advanced chip design facility. Ayyasamy, who expressed commitment to advancing the alliance's success under Prime Minister Narendra Modi and TN BJP state president K. Annamalai, emphasized his dedication to bringing technology-driven prosperity to the area.
Vembu lauded Ayyasamy's dedication and humility, recognizing his tireless efforts for Tenkasi. He highlighted the unparalleled expertise Ayyasamy brings to the semiconductor design project planned for the region. This initiative aligns with Zoho's expansion strategy, which includes the establishment of new hub offices in Tamil Nadu's Tirunelveli and Madurai districts, as well as one in Uttar Pradesh, announced last year.
Despite challenges, Zoho has reported impressive financial performance for the fiscal year 2023, with consolidated revenue reaching Rs 8,703 crore, marking a substantial 30% year-on-year increase. However, the company's consolidated net profit saw a modest 3% year-on-year rise to Rs 2,836 crore, attributed to increased expenses as indicated in its financial statements filed with the Registrar of Companies (RoC).
This collaborative effort between Zoho and Ayyasamy reflects a shared commitment to harnessing technology for regional development, fostering economic growth, and creating opportunities in rural areas like Tenkasi. As the partnership progresses, it holds the potential to significantly contribute to the region's technological advancement and socio-economic upliftment.
