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CMI Ltd, one of India’s largest cable manufacturers, is scouting for partners to foray into the semiconductor business.
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 company informed stock exchanges that its decision to foray into the semiconductor business was taken at its board meeting held recently. 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.
At present, the auto and electronics industries are facing a chip shortage. Aiming to boost semiconductor manufacturing, the government had approved a performance-linked incentive scheme of ₹76,000 crore. Since then, many companies have announced plans to venture into semiconductor manufacturing.
India plans to set up over 20 semiconductor design, components manufacturing and display fabrication units in the next 6 years and the government intends to attract investments from global chip manufacturers such as Intel, TSMC, Samsung, and Global Foundries besides getting the latest semiconductor technology into the country.
Guidelines on semiconductor incentives will be issued early this month and prospective companies will be given about 45 to 90 days to respond.