CG Power, with joint venture partners Renesas Electronics and Stars Microelectronics, will invest Rs 7,600 crore over five years in a semiconductor facility in Sanand, Gujarat. The project, approved by the Union Cabinet under India’s semiconductor manufacturing subsidy scheme, will involve a mix of subsidies, equity, and potential bank borrowings. The joint venture, with CG Power holding 92.3%, aims to build an outsourced semiconductor assembly and test (OSAT) facility, with a daily capacity of 15 million units. The facility will contribute to India’s semiconductor manufacturing capabilities and address growing demand for electronic components.