The company is ready to enter into an alliance by leasing out the Baddi plant acquired from US-based Fortune 500 company General Cables in 2016
Following the government’s approval of a Rs 76,000 crore semiconductor policy to grow the chip ecosystem of the country, Indian cable maker CMI Ltd is planning to make its entry into the hot market and is looking for partners to do the same.
The board of directors accorded their consent to the company’s management for exploring the opportunity by leasing its Baddi plant.
The company is ready to enter into an alliance with prospective manufacturers of semiconductors by leasing out the Baddi plant acquired from US-based Fortune 500 company General Cables in 2016.
The Baddi plant in Himachal Pradesh is spread over 80,000 square meters is currently the only plant in India to manufacture cables under the Silver Certified Green Project. It manufactures LT, HT and EHV Cables up to 132 KVA.
The semiconductor incentive policy has seen many eyeing the chip market in India. Recently, Vendanta Group reportedly commited Rs 60,000 crore in the sector. The Anil Agarwal-led group will use the investment to set up a sophisticated chip and glass manufacturing ecosystem in India over the next three years. The group is eyeing Haryana, Gujarat, Maharashtra, Telangana, Tamil Nadu and Karnataka as one of the potential states for setting up shop.
Alongside, even global chipmakers have shown their interest in grabbing share of the potential chip market in India. Late last year, Minister for IT and Electronics, Ashwini Vaishnaw, in a tweet wrote, “Intel – Welcome to India”.
The company is known as one of the largest fabless semiconductor organizations in the world.
India plans to set up over 20 semiconductor design, components manufacturing and display fabrication units in the next 6 years.
