Canon eyes business from chip companies setting up India operations

NEW DELHI: Japanese imaging and optical products major Canon believes that it has a good opportunity in India for its semiconductor lithography equipment required for chip fabrication, and it is in negotiations with companies setting up facilities here, said its India President and CEO Toshiaki Nomura.Though Canon did not disclose names, it said there are immense opportunities in this, as many chip manufacturers are now eying India as a new destination for semiconductor manufacturing.”A lot of Chip manufacturers are eyeing India as a new manufacturing place. We are discussing with all those chip manufacturers to give our product and service,” Nomura told PTI.This is a “good opportunity for us”, and the Tokyo-based group can contribute through its technology, products and services in this segment of the Indian market, he added.”We are installing the equipment for them to manufacture chips through our technology and the product. We help chip manufacturers build a strong facility in India. Once the chip manufacturer sets up the facility in India, we will install our equipment and through our excellent product and the support we can contribute to Indian semiconductor industries,” Nomura added. “We are now at the negotiation stage. I cannot disclose this information now, but we have our ground discussion ongoing.”For Canon, India is “one of the most important markets” globally, where the company is growing with double digits and expects to continue that pace of growth here supported by tailwinds, such as a growing economy, rapid urbanisation, and young demography, among others.”In 2024, we are quite close to double-digit growth, and for coming years, I am very optimistic and confident to achieve double-digit growth year by year,” Nomura said, adding that “all business portfolios for us are showing the growth”.