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CG Power inks JV pact for semiconductors manufacturing

Monday, 12 Feb 2024
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Murugappa Group entity CG Power and Industrial has forged a tie-up with Renesas Electronics Corporation and Stars Microelectronics (Thailand) to set up an outsourced semiconductor assembly and testing (OSAT) facility in India. As part of the joint venture (JV), the company has signed agreements on technology and services, and offtake and manufacturing agreement with Renesas Electronics Corporation, Japan, and a technology know-how sharing and technical support agreement with Stars.

Under the agreement, CG, Renesas, and Stars will invest USD 205 million, USD 15 million, and USD two million respectively. The JV company will have an equity stake of approx. 92.34 percent, 6.76 percent, and 0.90 percent of CG, Renesas, and Stars respectively. The closure of the JV investments will be completed only after satisfactory completion of the conditions in the agreement.

The JV is subject to necessary regulatory and statutory approvals, including approval from the Ministry of Electronics and Information Technology (MeitY), Government of India, and subsidy from the Central and state governments. Overall, it will contribute to the expanding Indian semiconductor ecosystem. 

In November last year, the company had announced applying to the government to set up an OSAT unit with an investment of around USD 791 million spread over five years. The Murugappa Group entity boasts a product portfolio across electrical, industrial, and consumer segments.

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