Chennai, Nov 22 (PTI) CG Power and Industrial Solutions Ltd has filed an application with the Ministry of Electronics and Information Technology to set up an outsourced semiconductor assembly and test facility, the company said on Wednesday.

The estimated investment on the project to be spread over a period of five years is USD 791 million and the same was expected to be funded by a combination of subsidy, joint venture partners equity contribution and debt, as required, the company said in a BSE filing.

'The company today filed an application with the Ministry of Electronics and Information Technology (MeitY), seeking approval to set up an Outsourced Semiconductor Assembly and Test facility and the grant of subsidy for the said project under the modified scheme for setting up of Compound Semiconductors/Silicon Photonics/Sensors Fab/Discrete Semiconductors Fab and Semiconductor Assembly Testing, marking and packaging/outsourced semiconductor assembly and test facilities in India.', it said.

Subject to the project and the subsidy being approved, the company proposes to implement the same as a joint venture in partnership with technology providers/anchor customers, which are under discussion, it added.

In October, CG Power and Industrial Solutions reported a 37 per cent growth in consolidated net profit to Rs 244 crore in the July-September quarter, mainly on the back of higher revenues.

The company had posted a profit of Rs 178 crore in the corresponding quarter of last year. PTI VIJ SA