CG Power inks semiconductor testing facility deal with Japanese, Thai companies

CG has inked Technology and Services, Offtake and Manufacturing agreements with Renesas Electronics Corporation, Japan, and a Technology Know-How Sharing and Technical Support agreement with Stars.

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CG Power and Industrial Solutions Ltd informed exchanges that it is in pact with Renesas Electronics America Inc and Stars Microelectronics (Thailand) Public Co for setting up an Outsourced Semiconductor Assembly and Testing (OSAT) facility in India.

CG has inked technology and services, offtake and manufacturing agreements with Renesas Electronics Corporation, Japan, and a technology know-how sharing and technical support agreement with Stars, it said.

The joint venture is subject to necessary regulatory and statutory approvals, including approval of the Ministry of Electronics and Information Technology (MeitY), and subsidy from central and state governments, as applicable, it said.

CG Power and Industrial Solutions also said in a notice to the exchanges that CG Power, Renesas, and Stars will invest up to $205 million, $15 million, and $2 million, respectively, in the JV company’s equity capital, with stakes of around 92.34 percent, 6.76 percent, and 0.90 percent, respectively, subject to conditions.

Key agreement terms encompass government subsidy approval, board composition, reserved matters, pre-emptive and additional subscription rights, right of first offer, tag-along right, put option, and call option.

The JV becomes effective upon project approval. The Proposed Project Transaction closing is contingent on fulfilling conditions outlined in the JV.

CG Power in November 2023 announced that it applied to the government to set up an outsourced semiconductor assembly and test facility with an investment of around $791 million spread over five years.

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