CG Semi, a subsidiary of CG Power & Industrial Solutions, announced that it has performed the foundation stone laying ceremony in Sanand, Gujarat. The Joint Venture between CG Power and Industrial Solutions Limited (CG); Renesas Electronics Corporation (TSE: 6723, Renesas); and Stars Microelectronics (Thailand) Public Co. Ltd (Stars Microelectronics), will set up a world-class OSAT facility in India.This facility will be set up in a land area of around 28 acres with an investment of Rs 7600 crores spread over a period of five years. This facility will manufacture a wide array of products - ranging from legacy packages such as QFN and QFP to advanced packages such as FC BGA, and FC CSP, which will cater to industries such as Automotive, Consumer, Industrial, 5G, to name a few, with a capacity to ramp up production to 1.5 crore units per day.The facility will generate employment for around 5000 people, thereby providing opportunities to the local communities.Powered by Capital Market - Live News

CG Power & Industrial Solutions has allotted 30,620 equity shares under ESOP on 04 March 2024. Consequently on allotment of the above equity shares, the paid-up equity share capital of the Company stands increased from Rs. 3,05,46,05,188 to Rs. 3,05,46,66,428 comprising of 1,52,73,33,214 equity shares of face value of Rs. 2/- each.Powered by Capital Market - Live News

CG Power & Industrial Solutions (CG) and the Murugappa Group; Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions; and Stars Microelectronics (Thailand) Public Co. (Stars Microelectronics), a Thailand-based Outsourced Semiconductor Assembly and Test (OSAT) provider; had recently signed a Joint Venture Agreement (JVA) to establish a Joint Venture (JV) to build and operate an OSAT facility in India. The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the project of the JV under India`s Semiconductor scheme on 29 February 2024.The JV will be 92.3% owned by CG, with Renesas and Stars Microelectronics each holding equity capital of approximately 6.8% and 0.9%, respectively. The JV plans to invest Rs 7,600 crore over a five-year period, which will be financed through a mix of subsidies, equity, and potential bank borrowings as required.The JV will set up a state-of-the-art manufacturing facility in Sanand, Gujarat, with a capacity that will ramp up to 15 million units per day. The JV will manufacture a wide range of products - ranging from legacy packages such as QFN and QFP to advanced packages such as FC BGA, and FC CSP. The JV will cater to industries such as automotive, consumer, industrial, 5G, to name a few.Powered by Capital Market - Live News

CG Power & Industrial Solutions announced that the Board of Directors of the Company at its meeting held on 23 January 2024, inter alia, have recommended the interim dividend of Rs 1.3 per equity Share (i.e. 65%) , subject to the approval of the shareholders.Powered by Capital Market - Live News

Net profit of CG Power & Industrial Solutions rose 228.20% to Rs 747.50 crore in the quarter ended December 2023 as against Rs 227.76 crore during the previous quarter ended December 2022. Sales rose 12.91% to Rs 1978.75 crore in the quarter ended December 2023 as against Rs 1752.50 crore during the previous quarter ended December 2022. ParticularsQuarter Ended�Dec. 2023Dec. 2022% Var. Sales1978.751752.50 13 OPM %13.1815.81 - PBDT288.18307.99 -6 PBT264.46284.59 -7 NP747.50227.76 228 Powered by Capital Market - Live News