BENGALURU: Adani Group and Zoho Corp are both said to be backing off from their ambitious semiconductor projects, a setback to India’s plans to develop an indigenous chip manufacturing ecosystem.
While Zoho founder Sridhar Vembu confirmed the move, the Adani news was reported by Reuters based on sources. Adani Group was in discussions with Israel’s Tower Semiconductor for a proposed $10 billion fab in Maharashtra. Zoho-backed semiconductor venture Silectric had proposed a Rs 3,426 crore fabrication unit in Mysuru in Karnataka, for which the state govt had granted approval four months ago.
On Thursday, Vembu posted the following on social media platform X: “On our semiconductor fab investment plan, since this business is so capital-intensive it requires govt backing, we wanted to be absolutely sure of the technology path before we take taxpayer money. We did not have that confidence in the tech, so our board decided to shelve this idea for the time being, until we find a better tech approach.”
The Karnataka facility was expected to create approximately 460 jobs in the Mysuru region. State chief minister Siddaramaiah had described the investment as a milestone for the state’s electronics manufacturing ambitions. A person familiar with Zoho’s planning said the decision followed the inability to secure a suitable overseas technology partner. “They were exploring a very complex segment – power electronics semiconductors used in cars – not the more common digital processors found in phones.That space has very few established manufacturers globally,” the person told TOI.
Karnataka’s IT and BT minister Priyank Kharge said the govt had not yet received official communication from Zoho about shelving the project. “The Karnataka govt is committed to partnering with private players and is confident of our ESDM (electronics system design & manufacturing) and industry policies,” he told TOI. Officials familiar with the matter admitted that the decision marks a loss for Karnataka’s semiconductor roadmap.
On the Adani project, Reuters quoted sources as saying Adani was concerned about weak domestic demand for chips and the limited financial commitment from Israel’s Tower, which was expected to provide technological expertise.
In 2023, the Vedanta-Foxconn joint venture to build a semiconductor plant collapsed.
India currently does not have an operational chipmaking facility. Ongoing projects include Tata Group’s $11 billion fab and packaging units and Micron’s $2.7 billion chip packaging facility in Gujarat.

U.S.-based IT major Cognizant, which has a substantial chunk of employees in India, has reported 7.45% year-on-year growth in revenue to $5.1 billion for March quarter of 2025.

It had earned a revenue of $4.7 billion in Q1 2024.

Cognizant follows January-December financial year.

The company has raised its full-year growth guidance to 3.9-6.4%, from 2.6-5.1% earlier.

It now expects a full-year (2025) revenue between $20.5-21 billion.

To hire 20,000 freshers in 2025

The company has announced plans to hire 20,000 freshers in 2025— a move intended to reshape the company’s talent pyramid, particularly to support managed services and AI-led software development.

While the company’s overall headcount remained nearly flat compared to previous quarter at 3,36,300, Cognizant’s leadership highlighted the strategic importance of talent amplification as the firm accelerates its growth and innovation agenda.

“As we stated at our Investor Day, we are hiring 20,000 freshers as part of our strategy, which is more than double what we did last year,” Cognizant CEO Ravi Kumar S said.

This year, Mr. Kumar noted that the company plans to hire many more fresh graduates to build a stronger workforce pyramid, especially since managed services projects have increased over the past two years.

“But it also comes equally with a overhead of carrying higher bench at a lower cost and actually offshore,” he said.

DreamFolks, a travel and lifestyle experience company, has announced the appointment of Shekhar Sood as its new Chief Financial Officer, effective April 30, 2025.
“With nearly two decades of global experience across listed entities, multinationals, and high-growth private companies, Shekhar brings a proven track record of delivering strategic outcomes and building financial resilience. As CFO, he will lead DreamFolks’ overall finance function, spearhead value-driven initiatives, and support the company’s next phase of technology-led expansion. He will report to Liberatha Kallat, Chairperson and Managing Director,” said the company in a press statement.
Previously, Shekhar served as CFO at Bajaj Capital Group, where he played a pivotal role in aligning financial operations with strategic business objectives. His earlier stints include leadership roles at Socomec India, Ambuja Cements, CLAAS Agricultural Machinery, Nangia and Co., and Grant Thornton (WCC).
An executive alumnus of ISB, Shekhar is a Chartered Accountant, Company Secretary, and executive MBA, with certification in IFRS (International Financial Reporting Standards). His core expertise spans strategic planning, IPO management, M&A, investor relations, treasury, ESG, enterprise risk, and regulatory compliance (LODR, ICDR).
Commenting on the appointment, Kallat said: ” As we step into a new phase of scale and strategic evolution, I’m delighted to welcome Shekhar to the leadership team. His deep expertise in leading financial strategies for high-growth, innovation-led companies makes him uniquely suited to support our ambitious vision. With Shekhar’s leadership, we aim to further strengthen our financial foundation, reinforce governance, and unlock long-term value for all stakeholders.His insights will be invaluable as we continue to accelerate what’s working, expand into new opportunities, and shape the future of travel experiences.”
On his appointment, Sood said, “I am excited to join a company that not only leads its category but continuously redefines it. My focus will be to enhance financial agility, enable scalable systems, and support strategic vision with strong governance and capital efficiency. I look forward to contributing to the next chapter of growth and to creating sustainable value for all stakeholders.”
DreamFolks provides an in-house proprietary technology platform that allows its clients such as Banks, Card Networks, Airlines, OTAs, and Enterprises to create custom offerings for their end consumers. DreamFolks, in the press statement said it manages the lounge and other benefits for most of the top Banks in India and enjoys a market share of over 90% in the domestic lounge access market for India-issued debit and credit programs.The company went public in Sep ’22 with listings on both BSE and NSE. “Dreamfolks has a global footprint extending to 3,000+ touchpoints in 100+ countries, across the world,” it said.