Canon is strategically positioning itself to capitalize on the burgeoning semiconductor market in India. The company, known for its imaging and optical products, is currently in negotiations with various chip manufacturers looking to establish fabrication facilities in the country. Toshiaki Nomura, President and CEO of Canon India, emphasized that India presents a “good opportunity” for Canon’s semiconductor lithography equipment, which is essential for chip production.
Canon recognizes India’s growing significance as a hub for semiconductor manufacturing, driven by favourable factors such as rapid urbanization, a young workforce, and robust economic growth. This aligns with the Indian government’s initiatives to boost local semiconductor production.
Although Canon has not disclosed specific names of the companies it is negotiating with, Nomura indicated that many chip manufacturers are considering India as a viable manufacturing destination. Canon aims to provide not only equipment but also comprehensive support to help these manufacturers establish strong facilities in India.
Canon’s growth strategy includes targeting double-digit growth across its various business segments in India. The company plans to expand its presence not only in semiconductors but also in healthcare and other sectors, particularly focusing on tier II and III cities where economic activity is rapidly increasing.
Canon’s engagement in India’s semiconductor market represents a significant step towards enhancing its operational footprint in a region poised for substantial growth in the technology sector. The company’s commitment to providing cutting-edge technology and support underscores its strategic vision for long-term success in this emerging market.
PTI