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Murugappa targets semiconductor assembly and testing market
Chennai-based Murugappa Group says it will invest USD 791 million over the next five years to compete in India's USD 15 billion semiconductor sector.
Murugappa Group is active across a range of verticals from farming to financial, but it does not yet participate in the semiconductor space. Now, it has announced plans to change that. It says its CG Power and Industrial Solutions (CGPISL) division will spend USD 791 million over the next five years to set up a number of semiconductor assembly, testing, marking and packaging (ATMP) units.
The company is seeking Ministry of Electronics and Information Technology (MeiTY) approvals for the facility. It has not yet confirmed its location. The project will be financed through a combination of subsidies, equity contributions from joint venture partners, and debt.
