Shares of CG Power and Industrial Solutions in a short span of just three years, soon after the takeover by Murugappa Group, have shone bright. The stock has leaped and given a whopping return of 1,268 per cent during the period.

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Last, in Wednesday’s (November 22) trading session, the stock was locked in the 20 per cent upper circuit at Rs 469 per share.

The takeover of the company took place in 2020, when Tube Investments agreed to buy the debt-laden heavy electrical equipment company.

In a filing with the exchanges on Wednesday, the company said that it has sought approval from MeitY for setting up an outsourced Semiconductor Assembly and Test (OSAT) facility. “The company has today filed an application with the Ministry of Electronics and Information Technology (MeitY), 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)/Outsourced Semiconductor Assembly and Test (OSAT) facilities in India,” said the filing.

It may be further noted that, subject to the project and the subsidy being approved, the company proposes to implement the same as a joint venture in partnership with technology providers/anchor customers, which are under discussion. The estimated investment on the project over a period of five years is USD 791 million, and the same is expected to be funded by a combination of subsidy, JV Partners equity contributions, and debt, as required, it added.