KUALA LUMPUR (Sept 23): EcoSys (Malaysia) Bhd is looking to expand its customer base in India beyond the solar industry into semiconductors, as the industrial solutions provider expects growth opportunities in the country to continue for at least another two to three years.
Managing director Chan Chee Wei said the group is already in discussions with potential semiconductor customers in India, where its business has so far benefited from strong demand from solar manufacturers.
“The opportunity for growth will be at least another two, three years,” Chan told reporters at the company's prospectus launch on Wednesday.
“The semiconductor industry is starting to grow. So we are also talking to some of the semiconductor customers over there,” he said.
India has become a significant market for EcoSys, contributing RM38.22 million, or 35.1%, of the group's revenue in the financial year ended Dec 31, 2025 (FY2025).
The group has secured seven new customers in India for its abatement segment, which provides systems used to treat waste gases generated during manufacturing processes.
Five of the seven are major customers investing in abatement systems for solar-related manufacturing, according to the group's prospectus.
Chan said EcoSys had begun preparing its proprietary abatement systems for the solar industry as early as 2021 and 2022, allowing the group to capture demand as India's solar manufacturing industry subsequently expanded.
“Currently, in fact, we enjoy quite a good order from India's solar market at the moment,” he said.
He said the group's technology was well suited to solar manufacturing, where production processes generate large amounts of powder and other by-products that need to be treated.
EcoSys plans to establish a dedicated sales and service centre in India to strengthen its marketing presence and customer support capabilities. The centre will serve as a regional hub and will be staffed by local engineers who are familiar with its abatement technologies.
The group has earmarked RM1.54 million from its initial public offering (IPO) proceeds for its expansion in India, including the new sales and service centre and the recruitment of local personnel.
Beyond India, Chan said EcoSys is also seeing opportunities in Turkey, where solar projects are being developed, although the potential market is currently smaller than India.
EcoSys, which provides ultra-high purity fabrication and abatement systems primarily for the pan-semiconductor industry, is scheduled to list on Bursa Malaysia's ACE Market on Oct 14.
The company is raising RM39.34 million through the issuance of 145.70 million new shares at 27 sen apiece.