Shares of CG Power and Industrial Solutions were locked in the 20 per cent upper circuit at Rs 469, a record high, on Wednesday after the company announced a plan to set up a semiconductor facility in the country. CG Power added that it had filed an application to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility in India with an investment of about $791 million over five years. 

In a statement issued to stock exchange, the company informed about the application to the Ministry of Electronics and Information Technology, seeking subsidies for the project. 

“We wish to inform you that the company has today filed an application with Ministry of Electronics and Information Technology, Government of India, seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project under the modified scheme for setting up of compound semiconductors/silicon photonics/sensors fab/discrete semiconductors fab and semiconductor assembly, testing, marking and packaging (ATMP) facilities in India,” the company said in the exchange filing. 

CG Power is a part of the Murugappa Group, a diversified conglomerate with business interests in several products, including abrasives, technical ceramics, electro-minerals, auto components & systems and the like.