CG Power Industrial Solutions, a Tube Investments subsidiary within the Murugappa Group, has submitted a proposal to the Ministry of Electronics and Information Technology (MeitY). This proposal requests permission to establish an Outsourced Semiconductor Assembly and Test (OSAT) facility, along with a request for a subsidy. The proposed project involves an investment of $791 million spread over five years, as outlined in a recent press release.
Provided that the subsidy is granted, CG Power Industrial Solutions plans to execute this project through a joint venture, collaborating with technology providers and anchor customers. These partnerships are currently in the negotiation phase.