Visicon Power is in the business of manufacturing Silicon Carbide (SiC) wafers and power electronic devices through the Epitaxial process
In the wake of the government’s Rs 76,000 crore push to boos the semiconductor industry in the country, power chip firm Ruttonsha International Rectifier Ltd has acquired 100 percent stake in Visicon Power Electronics Private Limited.
Visicon Power Electronics is the fully owned Indian subsidiary of Silicon Power Corporation (SPCO) headquartered in Malvern, Pennsylvania.
“The Board of Directors of Ruttonsha International Rectifier Ltd at its meeting held today i.e. Tuesday, 28th December, 2021, approved acquisition of 100 percent stake in Visicon Power Electronics Private Limited (Visicon Power) i. e. 21,03,834 Equity Shares for cash consideration of Rs. 2,10,38,340/ -(Rupees Two Crores Ten Lacs Thirty Eight Thousand Three Hundred and Forty only) based on valuation done by registered valuer stating the fair value of shares at Rs.101- per share, thereby making Visicon Power, a wholly-owned subsidiary of the Company,” a stock report said.
Visicon Power is in the business of manufacturing Silicon Carbide (SiC) wafers and power electronic devices through the Epitaxial process. It is in the process of setting up its plant near Baska, Halol, Gujarat. It has received PLI production Scheme approval from the Indian Government.
Further, it has also made an application for the Scheme for Promotion of manufacturing of electronic components and semiconductors (SPECS) for the Government of India for setting up SiC-based manufacturing facility in India.
Ruttonsha expects to receive approval under SPECS schemes in a couple of months’ time. Visicon Power has imported EPI furnace from LPE Italy and is in the process of installing the same at its plant located at Baska, Halol, Gujarat. It expects to start the commercial production from FY 2022-23 onwards.
The aforesaid acquisition is for ease of business operations which will further enable Ruttonsha to acquire latest technology and widen its product reach across diverse business vertical of semiconductors.
