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The estimated investment on the project over five years is $791 million (Rs 6,592 crore) and the same is expected to be funded by a combination of subsidy, JV partners equity contribution and debt, as required.
In a statement issued to the stock exchange, the company informed about the application to the Ministry of Electronics and Information Technology, seeking subsidies for the project.
CG Power and Industrial Solutions has sought approval from the Indian government to establish an Outsourced Semiconductor Assembly and Test (OSAT) facility, leading to a surge in its shares.
On Wednesday, 1622 stocks advanced, 2067 declined and 141 remained unchanged, with an advance decline ratio of 0.78 on the Bombay Stock Exchange (BSE), indicating negative closing of stocks in broader markets.
Tata Group will focus on the chip assembly and packaging unit instead of a full-fledged fabrication plant for now.