| CG Power & Industrial Solutions 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. |