It will only hold around 6.8% of the equity capital, with the bulk going to Mumbai engineering conglomerate CG Power and Industrial Solutions. Thailand OSAT provider Stars Microelectronics will hold 0.9%.

“CG’s entry into the semiconductor manufacturing marks a strategic diversification for us,” said CG chairman S Vellayan (). “Our partners Renesas and Stars Microelectronics will make our learning curves steeper and help us focus on innovation and excellence.”