Latest news with #CGPower
Time of India
10-06-2025
- Automotive
- Time of India
Chip company Renesas says Wolfspeed situation won't hit India OSAT
Reports of a likely bankruptcy filing by the US-based silicon carbide (SiC) wafer maker have been sending shockwaves through the global semiconductor industry with experts suggesting that it could impact Murugappa group-owned CG Power's upcoming outsourced semiconductor assembly and test facility (OSAT) in Sanand. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Japanese chipmaker Renesas has said that the situation involving Wolfspeed will have "no impact" on its OSAT project in of a likely bankruptcy filing by the US-based silicon carbide (SiC) wafer maker have been sending shockwaves through the global semiconductor industry with experts suggesting that it could impact Murugappa group-owned CG Power 's upcoming outsourced semiconductor assembly and test facility (OSAT) in Sanand."We would like to clarify that the situation involving Wolfspeed will have no impact on the OSAT project, including its production, operations, or the relationship between Renesas and CG Power," a Renesas spokesperson said in a statement to in a recent filing with the US Securities and Exchange Commission (SEC), said 'substantial doubt exists' about its ability to continue as a going Renesas Electronics, CG Power's partner for the project, has a long-term $2-billion SiC wafer supply agreement with Wolfspeed, which is now reportedly on the brink of default. Since Renesas has already made advance payments under the contract, experts had told ET that it risks a financial setback besides supply disruptions. They said CG Power's OSAT facility, which was betting on demand from Renesas, may face headwinds as a Renesas in its statement said that while it does not comment on the financial situation of Wolfspeed, it said it will not hamper its ability to continue supporting the JV project. Additionally, it said that it does not plan to produce SiC devices under the OSAT joint venture in India."India remains a key focus market for us, and Renesas is committed to supporting the 'Make in India' initiative and continuing our full support of the OSAT joint venture," the spokesperson said. "Therefore, we do not anticipate any global supply chain disruptions arising from our relationship with Wolfspeed."CG Power holds a majority 92.3% stake in the joint venture OSAT, with Renesas holding 6.8%.In an interview with ET in May, Renesas global CEO Hidetoshi Shibata said he expects the Sanand facility to roll out its first chip from a pilot production line by Rs 7,600-crore plant is slated to start mass production in 2027, he said, adding that Renesas is also in talks with other potential Indian partners to expand its presence in the country at various levels.
Time of India
06-06-2025
- Automotive
- Time of India
CG Power's chip plans rocked by turmoil at wafer company Wolfspeed
Reports of a likely bankruptcy filing by US-based silicon carbide (SiC) wafer maker Wolfspeed are sending shockwaves through the global semiconductor industry and could impact Murugappa group-owned CG Power's upcoming outsourced semiconductor assembly and test facility (OSAT) in Sanand, experts told ET. Japan's Renesas Electronics, CG Power's partner for the project, has a long-term $2-billion SiC wafer supply agreement with Wolfspeed, which is now reportedly on the brink of default. Since Renesas has already made advance payments under the contract, it risks a financial setback besides supply disruptions. CG Power's OSAT facility, which was betting on demand from Renesas, may face headwinds as a result, experts explained. "Wolfspeed's impending bankruptcy will cause supply disruptions globally including Japan, China and even India," said Danish Faruqui, CEO of US-based semiconductor investment advisory Fab Economics. "If Wolfspeed undergoes bankruptcy proceedings, Renesas will face significant accounting losses to recognise impairment losses because it will likely struggle to recover the advance payment of $2 billion." This, he added, may hamper Renesas' ability to continue supporting global JVs with the vision of expanding production capabilities. Wolfspeed, in a recent SEC filing, said "substantial doubt exists" about its ability to continue as a going concern. Within three days of that, Renesas reportedly decided to halt in-house production of SiC power chips , Faruqui noted. "There is a high possibility of a bankruptcy filing which shall not only be a setback to Renesas but also for its downstream partners like CG Power's OSAT," he said. Queries sent to CG Power and Renesas remained unanswered as of press time Thursday. Devroop Dhar, cofounder and board member at Primus Partners, agreed that the development could impact the CG Power venture at least in the short term. "A lot will depend on the kind of financial hit that Renesas takes and how much time they take to rebound," he said. "If Renesas is going to be down for a long time, then CG Power's plant would really have to be completely reassessed because both from a technology and demand perspective, they are dependent on Renesas as the STMicroelectronics is only an OSAT partner. They are not going to bring any design, capability or demand." CG Power holds a majority 92.3% stake in the joint venture OSAT, with Renesas holding 6.8%.
Time of India
06-06-2025
- Business
- Time of India
Payments firms in limbo; CG Power's Wolfspeed problem
Payments firms in limbo; CG Power's Wolfspeed problem Also in the letter: Digital payment firms in a no-win game as margins hit rock bottom Driving the news: There are 54 licensed PAs today, all vying for a slice of the booming online commerce market. Venture-backed fintechs are undercutting aggressively to defend their turf. Smaller players are struggling to keep up with the scale and pricing power of bigger firms. Making sense: Large fintechs get subsidised rates from banks through subvention deals. Every major PA is chasing the same handful of large clients in travel, food delivery, and ecommerce. With little room left for tech-led innovation in core payments, the business has become largely commoditised. Also Read: Way forward: Easebuzz is going after the education sector. DigiO is betting on recurring payments via UPI or net banking mandates. PayGlocal and BriskPe are focused on cross-border transactions. Also Read: CG Power's chip plans rocked by turmoil at wafer company Wolfspeed What's the news: With Wolfspeed now teetering on the brink of default, Renesas faces not just financial strain but also the prospect of a disrupted supply chain. That spells uncertainty for CG Power's Sanand project, which hinges heavily on demand from Renesas. Industry voice: Impact ahead: Also Read: Details: Also Read: Early-stage VC Inflexor eyes Q2 first close of $150-million Fund-III In focus: Alongside its core interest areas, such as artificial intelligence (AI), the new fund will also invest in companies developing healthcare devices and advanced materials, including those used in electric vehicle (EV) batteries. Inflexor plans to invest in 25-27 startups through this fund. Gunuturu said the average cheque size will be around $2.5-3 million, in exchange for a 15% stake. Tell me more: Quote, unquote: ETtech Done Deals Wealthtech platform Syfe closes $80 million funding round: Cleantech asset financier StrideGreen raises $3.5 million: Other Top Stories By Our Reporters Uber appoints Palo Alto CEO Nikesh Arora to board: Google has handled people's deepest, darkest secrets responsibly: ETtech Explainer: Why WazirX's recovery plan hit a legal roadblock | The Trump-Musk rift: All that you need to know | Global Picks We Are Reading Happy Friday! Payment aggregators are cutting prices to stay competitive, as a crowded market, shrinking margins and limited innovation squeeze the sector. This and more in today's ETtech Morning Dispatch.■ Inflexor's new fund■ ETtech Done Deals■ Uber adds board muscleOnline payment aggregators (PAs) are locked in a race to the bottom on pricing, each trying to outbid the others to win market share in an increasingly cutthroat online PA space has seen frenetic activity over the past year, including new licenses issued, major players re-entering growth mode, and a couple of large fundraises.A few structural forces are pushing pricing PAs are carving out niche use cases to build sustainable potential bankruptcy of American Silicon Carbide (SiC) wafer maker Wolfspeed could have ripple effects on India's semiconductor ecosystem, particularly CG Power's upcoming chip facility in Sanand, backed by the Murugappa Power's partner for its outsourced semiconductor assembly and test (OSAT) project, Renesas, had entered a long-term SiC wafer supply agreement with Wolfspeed, worth $2 Faruqui, CEO of US-based chip investment advisory Fab Economics, said Wolfspeed's bankruptcy will send shockwaves through supply chains in Japan and China as well. "If Wolfspeed undergoes bankruptcy proceedings, Renesas will face significant accounting losses to recognise impairment losses because it will likely struggle to recover the advance payment of $2 billion."Another expert stated that if Renesas faces a prolonged downturn, CG Power's Sanand OSAT plant will need a complete reassessment, both in terms of technology and demand Power, a part of the Murugappa Group, holds 92.3% stake in the Sanand-based OSAT joint venture, with Renesas Electronics Corporation owning 6.8%. The Rs 7,600-crore plant in Sanand is expected to commence mass production in Krishna Gunturu, partner, Inflexor VenturesEarly-stage venture fund Inflexor Ventures expects to announce the first close of its $150 million (Rs 1,250 crore) Fund III by the end of the second quarter, partner Murali Krishna Gunturu told fund, which has previously backed consumer durables maker Atomberg, spacetech startup Bellatrix Aerospace, CredFlow, and Bioprime Agrisolutions, has also closed its Rs 350-crore Opportunities Fund . It did so by acquiring the entire portfolio of its first fund (Parampara Capital), thereby providing liquidity to its early investors."The pressure on exits is only going up, not just in India, but globally as well. Limited partners invested in many startups between 2020 and 2022 with high expectations from VCs (venture capitalists), seeking returns within five or so years. But now there is a sense of disillusionment," Gunturu, one of the founding members of Inflexor, told Arora, founder, SyfeThe Singapore-based wealth management platform Syfe has secured $53 million in a new funding round, led by two family offices from the UK. In August 2024, the company had raised $27 million as part of the same round, and this extension takes the total funds raised in the round to $80 a climate tech-focused asset financing and management platform, has raised $3.5 million in a funding round led by the clean mobility-focused Micelio Technology Fund. The funds will be utilised to strengthen StrideGreen's product offerings and expand its Arora, CEO, Palo AltoUber has appointed Nikesh Arora, the chief executive officer (CEO) of Palo Alto Networks, to its board of directors. The ride-hailing giant communicated this to the Securities and Exchange Commission (SEC) in a filing. Arora will serve on the Nominating and Governance Committee as well as the Compensation Sundar Pichai | Google CEO Sundar Pichai was recently asked during an interview why people should trust Big Tech companies like Google, considering these companies store their users' 'deepest and darkest secrets.'The Indian cryptocurrency exchange WazirX faced a significant setback on Wednesday when the Singapore High Court dismissed a restructuring plan submitted by its parent company, Zettai Pte Ltd, in November 2024. The proposal emerged just months after the platform suffered a massive $235 million cyber theft last July.A senior White House official recently told The Wall Street Journal that US President Donald Trump was displeased with Elon Musk's open criticism of his 'one, big, beautiful bill.' The official emphasised how baffled the president was given how closely they had collaborated for four months. But what prompted all this? ■ Trumpworld is fighting over 'official' crypto wallet ( Wired ■ Inside the collapse of Microsoft-backed UK tech unicorn Builder AI ( FT ■ Tech giants in the Gulf are building super-apps to dominate digital life ( Rest of World
Time of India
06-06-2025
- Business
- Time of India
CG Power's chip plans rocked by turmoil at wafer company Wolfspeed
Live Events Reports of a likely bankruptcy filing by US-based silicon carbide (SiC) wafer maker Wolfspeed are sending shockwaves through the global semiconductor industry and could impact Murugappa group-owned CG Power 's upcoming outsourced semiconductor assembly and test facility ( OSAT ) in Sanand, experts told Renesas Electronics , CG Power's partner for the project, has a long-term $2-billion SiC wafer supply agreement with Wolfspeed, which is now reportedly on the brink of Renesas has already made advance payments under the contract, it risks a financial setback besides supply disruptions. CG Power's OSAT facility, which was betting on demand from Renesas, may face headwinds as a result, experts explained."Wolfspeed's impending bankruptcy will cause supply disruptions globally including Japan, China and even India," said Danish Faruqui, CEO of US-based semiconductor investment advisory Fab Economics. "If Wolfspeed undergoes bankruptcy proceedings, Renesas will face significant accounting losses to recognise impairment losses because it will likely struggle to recover the advance payment of $2 billion."This, he added, may hamper Renesas' ability to continue supporting global JVs with the vision of expanding production in a recent SEC filing, said "substantial doubt exists" about its ability to continue as a going concern. Within three days of that, Renesas reportedly decided to halt in-house production of SiC power chips , Faruqui noted."There is a high possibility of a bankruptcy filing which shall not only be a setback to Renesas but also for its downstream partners like CG Power's OSAT," he sent to CG Power and Renesas remained unanswered as of press time Dhar, cofounder and board member at Primus Partners, agreed that the development could impact the CG Power venture at least in the short term."A lot will depend on the kind of financial hit that Renesas takes and how much time they take to rebound," he said."If Renesas is going to be down for a long time, then CG Power's plant would really have to be completely reassessed because both from a technology and demand perspective, they are dependent on Renesas as the STMicroelectronics is only an OSAT partner. They are not going to bring any design, capability or demand."CG Power holds a majority 92.3% stake in the joint venture OSAT, with Renesas holding 6.8%.
India Today
15-05-2025
- Business
- India Today
Sensex falls over 500 points. Why is stock market falling today?
The main indices on Dalal Street opened on a weak note on Thursday, snapping their recent rally as global cues turned cautious. The Sensex fell over 500 points and the Nifty dropped more than 140 points in early trade, reacting to a pause in the global uptrend and renewed geopolitical calm following signs of a trade truce between the United States and around 9:47 am, the Sensex was down 516.75 points at 80,839.01 while the Nifty hovered at 24,528.25, down 142.25 points. The selloff, however, remained largely confined to heavyweight largecaps. The broader market showed surprising strength, with midcap and smallcap indices trading firmly in the TRADE TRUCE MAY HURT FII INFLOWSAccording to Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market appears to be entering a phase of near-term consolidation. The easing of tensions between Washington and Beijing has shifted the narrative, potentially triggering a tactical realignment of foreign institutional investor (FII) flows. A 'Sell India, Buy China' strategy is not off the table, he warned, which could take the wind out of the largecap said, he remains constructive on defence stocks, which saw renewed interest after the Prime Minister's endorsement of India's indigenous military hardware. While long-term prospects for Indian defence exporters remain promising, lofty valuations mean investors need to tread INDICATORSadvertisementTechnically, the market trend remains evenly poised. The Nifty formed a small green candle on the daily chart in the previous session, hinting at cautious optimism. Analysts say a decisive break above 24,770 will be crucial for the index to resume its upward momentum towards the next resistance at 24,900. On the downside, support is seen around 24, Nifty continues to oscillate within a flag pattern, with key support at 54,560 and resistance near 55,200. In the auto sector, Exide Industries is showing signs of a breakout after months of consolidation. Meanwhile, the energy sector appears to have confirmed its breakout above the 35,000-mark, with stocks like CG Power and Coal India building on their OUT FOR SPECIFIC SECTORAL STOCKSDespite the benchmark's softness, several thematic plays are unfolding on the charts. The metals pack continues to rally, with stocks such as Jindal Steel, SAIL, and Hindustan Copper moving out of their consolidation zones and confirming bullish sector banks, too, are seeing positive price action. Union Bank of India has broken out of an Inverted Head and Shoulders pattern, signalling a potential trend reversal. Railway stocks are regaining momentum, with names like Ircon, RITES, RVNL, and Railtel setting up for continued strength through a range of bullish chart patterns including symmetrical triangles, consolidation breakouts and falling channel NEXT? advertisementWhile the shift in global sentiment may temporarily weigh on largecaps, particularly those that had outperformed on the back of FII buying, the underlying strength in mid and smallcaps remains intact. Breakout patterns across sectors such as defence, energy, metals and transportation suggest there are still plenty of opportunities for investors willing to look beyond the should note that while the mood on Dalal Street may have turned cautious, but it's far from bearish.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Tune InMust Watch
