CG Power and Industrial SolutionsOperator · LowListed
HCL-Foxconn SemiconductorOperator · HighUnlisted
SPEL SemiconductorOperator · HighListed
CG Power and Industrial Solutions (CGPOWER)
Semiconductor ATMP/OSAT JV (with Renesas & Stars Microelectronics) alongside its core power equipment business
Price
₹804.00
snapshot 30 Oct 2026
Strengths
Partnership with Renesas and Stars Microelectronics brings established OSAT process technology and a marquee global semiconductor relationship to the Sanand plant
A large, profitable core power-equipment business gives it the financial cushion to fund the JV through its early-stage ramp
Risks
Semiconductor ATMP JV is a small, newer unit - reported revenue/profit are overwhelmingly from the core power-equipment business
JV structure means CG Power does not fully control strategic or technology decisions for the plant
Note: Revenue/profit reflect CG Power's core electrical-equipment business; the Sanand ATMP JV is a newer, separately ramping unit
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
The back-end layer that takes finished wafers, dices them into individual die, and assembles, tests and packages them into usable chips.
Why it matters
OSAT/ATMP is the layer where India has the fastest path to scale, since it is less technologically demanding than front-end fabrication and several plants are already under construction.
Where the value pool sits
Packaging and test capture thinner margins than fabrication itself, but run at higher volumes with a lower capex bar, making this the more accessible entry point for new players.
Key drivers
Global OSAT capacity diversification away from Taiwan and China
Display-driver and power-chip packaging demand from consumer electronics
Government incentives specific to ATMP/OSAT investment
Potential bottlenecks
Dependence on wafers fabricated overseas for most current and planned plants
Equipment sourcing concentrated among a few global toolmakers
Skilled-technician availability at newly built sites
Investor metrics to watch
Plant utilisation and ramp-up pace
Order book from global fabless/IDM customers
Segment-level disclosure where packaging sits inside a diversified parent