CG Power and Industrial Solutions seeks nod for setting up semiconductor assembly, test facility

CG Power Industrial Solutions has filed an application with the Ministry of Electronics and Information Technology (MeitY), seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility, and grant of a subsidy. 

The estimated investment in the project is $791 million over a 5-year period, noted the press release. 

Subject to the subsidy being approved, CG Power Industrial Solutions, a subsidiary of Tube Investments, in the Murugappa Group,  proposes to implement the same as a joint venture in partnership with technology providers/anchor customers, which are under discussion.