(Alliance News) - ELES Semiconductor Equipment Spa on Wednesday disclosed that it has signed an agreement with Manakin Enterprise Private Limited, a subsidiary of IHE for distribution in the Indian market of Eles solutions aimed at semiconductor reliability testing.

Antonio Zaffarami, chairman of the board of Eles, commented, "IMF economic projections predict that by

2027 India will be the third largest economy in the world, surpassing $5 trillion in GDP and overtaking Germany and Japan."

"In February 2024, India took a big step forward in its plans to become one of the world's most important SEMI hubs by pushing hard on the chip market. Indeed, the government of Narendra Modi has approved the construction of three semiconductor manufacturing facilities in the country with investments estimated at more than USD15 billion."

"With the signing of this agreement, we enter to develop SEMI Business in a 'geographical area as new to us as India, which specializes in Design Centers and Test Labs based on EDA methodologies. This synergy will also be strategic in order to evaluate M&A transactions aimed at increasing the areas of expertise of Eles' offerings."

On Wednesday, Eles closed in the green by 3.4 percent at EUR1.53 per share.

By Claudia Cavaliere, Alliance News reporter

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