ASM Technologies and Hind High Vacuum form a Joint Venture for Semiconductor Equipment Manufacturing

ASM Technologies Ltd (BSE: ASMTEC), a global Technology Engineering provider focused on semiconductor engineering and related industries and Hind High Vacuum (HHV), a leading vacuum technology manufacturer have formed a 50:50 Joint Venture (JV). The new entity will undertake design led engineering and manufacturing of tools, sub-systems, sub-system components and components for the semiconductor and solar industries.

Speaking on the new development, Mr. Rabindra Srikantan, Managing Director, ASM Technologies Ltd. said, "ASM and HHV have been working together successfully for several years. The joint venture is the logical next step to create a unique proposition that will thrive from the combined experience, capabilities and infrastructure in design led manufacturing for the semiconductor and related ecosystem. We are also encouraged by the recent incentives announced by the Government of India for semiconductor, electronics and packaging. This JV enables us to add the best-in-class semiconductor manufacturing capabilities to our existing semiconductor engineering expertise. We look forward to a long-standing and mutually benecial partnership."

Mr. Prasanth Sakhamuri, Managing Director, HHV, also shared his thoughts saying, "After being associated in various ways for many years it is now time for us to partner with an established technology leader like ASM thus opening up a whole new world of opportunities for Indian manufacturing. This JV will play a pivotal role in the country's upcoming semiconductor landscape. We are condent that given our respective expertise, this JV will be able to make a signicant impact and drive the global semiconductor industry worldwide.

Shares of ASM TECHNOLOGIES LTD. was last trading in BSE at Rs. 714.00 as compared to the previous close of Rs. 734.15. The total number of shares traded during the day was 35871 in over 2158 trades.

The stock hit an intraday high of Rs. 770.00 and intraday low of 698.00. The net turnover during the day was Rs. 26286405.00.

Source : Equity Bulls

Keywords

ASMTECHNOLOGIES INE867C01010 HindHighVacuum JV