On November 23, CG Power and Industrial Solutions unveiled plans to establish an outsourced semiconductor assembly and test facility in India, committing an investment of approximately $791 million over the next five years.
The company formally submitted the application for this initiative to the Ministry of Electronics and Information Technology (MeitY), simultaneously expressing a desire for subsidies to support the project.
In an official statement provided to the stock exchange, CG Power and Industrial Solutions conveyed, “We wish to inform you that the Company 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) facilities in India.”
The company’s shares exhibited a significant uptick, trading 20% higher at ₹469.35, reflecting positive market sentiment towards CG Power’s strategic move in contributing to the semiconductor landscape in India.
