CG Semi Pvt Ltd performs foundation stone laying ceremony in Sanand, Gujarat

CG Semi Private Limited, a subsidiary of CG Power and Industrial Solutions Limited ("CG"), today announced that it has performed the foundation stone laying ceremony in Sanand, Gujarat.

The foundation stone was virtually laid by Shri Narendra Modi, Hon'ble Prime Minister of India, in the august presence of Shri Bhupendra Patel, Hon'ble Chief Minister, Gujarat; Shri Ashwini Vaishnaw, Hon'ble Minister for Railways, Communications, and Electronics & IT, Government of India; and Shri Rajeev Chandrashekhar, Hon'ble Minister of State, Ministry of Electronics and Information Technology, and Skill Development & Entrepreneurship and Jal Shakti, Government of India.

The Joint Venture between CG Power and Industrial Solutions Limited ("CG"); Renesas Electronics Corporation (TSE: 6723, "Renesas"); and Stars Microelectronics (Thailand) Public Co. Ltd ("Stars Microelectronics"), will set up a world-class OSAT facility in India.

This facility will be set up in a land area of around 28 acres with an investment of Rs 7600 crores spread over a period of five years. This facility will manufacture a wide array of products - ranging from legacy packages such as QFN and QFP to advanced packages such as FC BGA, and FC CSP, which will cater to industries such as Automotive, Consumer, Industrial, 5G, to name a few, with a capacity to ramp up production to 1.5 crore units per day.

The facility will generate employment for around 5000 people, thereby providing opportunities to the local communities.

On the occasion, Mr. S. Vellayan, Chairman, CG Power and Industrial Solutions Limited, said, "For India to become a truly global player in the semiconductor space, it is critical that we build a semiconductor cluster in a concentrated location similar to global leaders such as Taiwan. With a few facilities already announced in Gujarat, there are early signs of the state emerging as this cluster.

"We are very keen to establish India's semiconductor ecosystem and plan to build a world-class OSAT facility at Sanand. We intend to commence production in the next 2.5 to 3 years.

"As I feel, 'Desh Ka Vikas, Semiconductors Ke Saath!"

Shares of CG Power and Industrial Solutions Limited was last trading in BSE at Rs. 461.85 as compared to the previous close of Rs. 455.05. The total number of shares traded during the day was 153552 in over 4817 trades.

The stock hit an intraday high of Rs. 465.70 and intraday low of 450.80. The net turnover during the day was Rs. 70170692.00.

Source : Equity Bulls

Keywords

CGPowerandIndustrialSolutions INE067A01029 CGSemi FoundationStone Sanand Gujarat