CG Power to set up semiconductor facility; stock leaps 20%
Shares of CG Power and Industrial Solutions jump 20% to hit a 52-week high of ₹469.35.
Shares of CG Power and Industrial Solutions jump 20% to hit a 52-week high of ₹469.35.
India's $30 billion investment plan is primarily focussed on developing a complete supply chain ecosystem, says a top Indian diplomat
Prime minister Narendra Modi underlines six reasons for India to be an attractive investment destination for semiconductor technologies.
Calling for innovations in the segment, PM Modi urged manufacturers to play a lead role in helping India become self-reliant in semiconductors.
Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder.
The initiative comes as the world is facing a severe shortage of semiconductor chips with widespread usage in various sectors, from electronics to automobile.
Few analysts observed that implementing the proposals of the scheme requires availability of advanced technology which is not available in the country.
The move will come handy for the corporate groups like the Tatas, who are scouting for semiconductor manufacturing in the country.