CG Power and Industrial Solutions Ltd files application with MeitY to set up Semiconductor Assembly and Test facility

CG Power and Industrial Solutions Limited has today filed an application with Ministry of Electronics and Information Technology (MeitY), Government of India seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project under the Modified scheme for setting up of Compound Semiconductors / Silicon Photonics / Sensors Fab / Discrete Semiconductors Fab and Semiconductor Assembly, Testing, Marking and Packaging (ATMP)/ Outsourced Semiconductor Assembly and Test (OSAT) facilities in India. It may be further noted that, subject to the project and the subsidy being approved, the Company proposes to implement the same as a Joint Venture in partnership with technology providers/anchor customers, which are under discussion.

The estimated investment on the project over a period of five years is USD 791 million and the same is expected to be funded by a combination of subsidy, JV Partners equity contribution and debt, as required.

Shares of CG Power and Industrial Solutions Limited was last trading in BSE at Rs. 394.25 as compared to the previous close of Rs. 389.40. The total number of shares traded during the day was 63326 in over 2338 trades.

The stock hit an intraday high of Rs. 396.00 and intraday low of 383.00. The net turnover during the day was Rs. 24743823.00.

Source : Equity Bulls

Keywords

CGPowerandIndustrialSolutions INE067A01029 MeitY SemiconductorFacility