Chennai, March 13 (IANS) Industrial conglomerate Murugappa Group’s semiconductor company CG Semi Pvt Ltd will start manufacturing in 2.5 to 3 years at its factory in Gujarat, a top official of its parent company said on Wednesday.
“We are very keen to establish India’s semiconductor ecosystem and plan to build a world-class OSAT (outsourced semiconductor assembly and testing) facility at Sanand. We intend to commence production in the next 2.5 to 3 years,” S. Vellayan, Chairman of CG Power and Industrial Solutions Ltd, the parent of CG Semi, said in a statement.
“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,” he added.
Prime Minister Narendra Modi on Wednesday virtually laid the foundation stone for the CG Semi’s factory at Sanand. This facility will be set up in a land area of 28 acres with an investment of Rs 7,600 crore, spread over a period of five years.
This facility will manufacture a wide array of products catering to industries such as automotive, consumer, industrial, 5G, and others with a capacity to ramp up production to 1.5 crore units per day.
CG Semi is a three-way joint venture between CG Power (92.34 per cent stake), Renesas Electronics Corporation (6.76 per cent), and Stars Microelectronics (Thailand) Public Co. Ltd (0.90 per cent).
As per the agreement, CG Power, Renesas and Stars are to subscribe in one or more tranches, subject to satisfaction of conditions precedent up to $205 million, $15 million, and $2 million, respectively, towards equity capital of CG Semi, it was announced earlier.
–IANS
vj/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
