Archive · 4 Sep 2026
Indichem Starts Semiconductor Plant Early, Targets $100 Million Market
Acutaas Chemicals and its Korean partner have opened a plant that makes materials used to build computer chips.
The plant started earlier than the company originally planned.
One important product is photoresist, which helps print tiny circuit patterns onto silicon wafers.
Indichem is also developing packaging materials and other special chemicals.
The company is testing about ten materials with customers.
Two materials have passed early checks and are being ordered for pilot production.
The plant is expected to earn only a few million dollars this year.
The company expects stronger revenue growth in FY28 and is aiming at a market opportunity of about $100 million.
Acutaas Chemicals’ Korean joint venture, Indichem, commissioned its semiconductor materials plant earlier than planned.
The venture is targeting a potential market opportunity of about $100 million.
Indichem makes photoresist chemicals, packaging materials and other specialty semiconductor chemicals.
Its R&D and pilot plant began operations around April-May, with samples sent to customers for validation.
Two of roughly ten materials under evaluation have cleared qualification and entered pilot-line orders, with meaningful revenue expected in FY28.
- Who
- Acutaas Chemicals and its Korean joint venture, Indichem, led by Naresh Patel and Jay Han.
- What
- Indichem commissioned a semiconductor materials manufacturing plant and is developing photoresist, packaging and other specialty chemicals.
- When
- The R&D and pilot phase began around April-May; meaningful revenue is expected in FY28.
- Where
- The venture is operating in Korea and supplying materials to semiconductor customers there.
- Why
- Semiconductor customers prefer nearby suppliers, while Korea’s chemical supply chain has been described as relying heavily on China.
- Target market opportunity
- Approximately $100 million
- Acutaas commitment
- ₹200 crore
- Products
- Photoresist chemicals, semiconductor packaging materials and other specialty chemicals
- Materials under evaluation
- About ten
- Materials qualified
- Two have cleared qualification and moved to pilot-line orders
- Current revenue outlook
- A modest few million dollars this year
- Expected meaningful contribution
- FY28