Murugappa Group stock engaged in the business of providing end-to-end solutions for the management and application of efficient and sustainable electrical energy in focus upon signing an agreement to set up a JV for semiconductors.
With a market capitalization of Rs. 66,482 Crores, the shares of CG Power and Industrial Solutions Limited were trading at Rs. 435.30, up 0.55 percent from its previous day’s close price of Rs. 432.90.
CG Power and Industrial Solutions Limited has entered into a joint venture agreement with Renesas Electronics America Inc. and Stars Microelectronics (Thailand) Public Co. Ltd. for setting up an Outsourced Semiconductor Assembly and Testing (OSAT) facility in India
The Joint Venture agreement will come into effect Subject to necessary regulatory and statutory approvals, including approval of the Ministry of Electronics and Information Technology (MeitY), Government of India, and subsidy from central and state governments.
CG Power and Industrial Solutions Limited, Renesas Electronics America Inc, and Stars Microelectronics to subscribe to the shareholding of the JV in one or more tranches, subject to satisfaction of conditions precedent up to USD 205 Million, USD 15 Million, and USD 02 Million respectively, towards equity capital of the JV Company to be formed representing approximately 92.34 percent, 6.76 percent, and 0.90 percent respectively.
CG Power and Industrial Solutions Limited is engaged in the business of providing end-to-end solutions to utilities, industries, and consumers for the management and application of efficient and sustainable electrical energy.
Its revenue from operations grew by 27.13 percent from Rs. 5,484 Crores in FY22 to Rs. 6,973 Crores in FY23 accompanied by increasing profits of Rs. 913 Crores to Rs. 963 Crores.
Written by: Bharath K.S
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