Canon, the Japanese imaging and optical products company, sees a significant opportunity in India for its semiconductor lithography equipment required for chip fabrication. The company is currently in talks with firms establishing facilities in the country, according to Toshiaki Nomura, President and CEO of Canon India. Although Canon did not reveal specific names, it emphasized the vast potential in this sector, noting that many chip manufacturers are now considering India as a new destination for semiconductor production. Nomura mentioned that a growing number of chip manufacturers are eyeing India for their operations. He stated that Canon is engaged in discussions with these manufacturers to provide its products and services to support their needs. He described this as a good opportunity for Canon, highlighting the company’s ability to contribute to the Indian market with its technology, products, and services. Nomura explained that Canon’s role would involve installing equipment for chip manufacturers to produce chips using its technology and products, helping to build robust facilities in India. Once these manufacturers establish their operations, Canon would offer on-going support with its products and services, contributing to the growth of the Indian semiconductor industry. At present, Canon is in the negotiation phase, though Nomura could not share further details. However, discussions are on-going, and the company views India as a key market, where it is experiencing double-digit growth and expects continued success due to factors like the growing economy, rapid urbanization, and a young demographic. In 2024, Canon anticipates reaching close to double-digit growth, and Nomura expressed confidence that the company will maintain this growth trajectory in the coming years across all business sectors. Beyond its core focus on imaging, printing, and surveillance, Canon India is expanding into sectors like semiconductors, flat panel displays, and the medical industry. It offers diagnostic medical imaging solutions, including CT, MRI, X-ray, ultrasound, and healthcare informatics. Nomura emphasised the vast growth potential in the healthcare sector and expressed Canon's ambition to replicate its success in this field in India. Canon is also seeing positive responses to its 'NorthStar' initiative, which offers a one-stop solution platform for advisory services, equipment, and related support to studio owners. The initiative has been well-received, with Canon already completing several projects and others currently in progress. Looking ahead, Canon India expects substantial growth from both its consumer-facing B2C and institutional B2B segments. Nomura highlighted India’s immense market potential, citing the country’s fast-growing GDP, young workforce, rapid urbanization, and infrastructure development, particularly in tier II and III cities. Canon aims to tap into these emerging markets with its partners, using a strategy that focuses on expanding into smaller cities. It also plans to increase its presence in key industries like IT, pharmaceuticals, BFSI, and government services.