Elest, a subsidiary of gold retailer Rajesh Exports, will invest Rs 24,000 crore to build the country’s first display factory in Telangana.

According to an official release, Telangana IT Minister K T Rama Rao and Rajesh Exports Chairman Rajesh Mehta announced the establishment of the 6th generation AMOLED Display FAB.

The Telangana government has signed a memorandum of understanding (MoU) with Karnataka-based Elest to set up a manufacturing unit to manufacture next-generation displays for smartphones, tablets and laptops.

According to the release, Elest, Rajesh Exports, a global Fortune 500 company incorporated by the company’s promoters, will set up a display FAB with technical input from technology companies and some of the world’s most advanced and best research centres.

Telangana, a frontrunner in semiconductor and display factories, announced the investment, one of the largest in the electronics industry in the country and the largest ever in the state of Telangana.

The display factory will be established under the India Semiconductor Mission programme of the Ministry of Electronics and Information Technology of the Government of India.

The release added that Elest will also establish an R&D centre for research in the field of next-generation advanced display technologies.