CG Power & Industrial Solutions , a prominent player in the power and industrial equipment sector, has received approval from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for the reclassification of two entities from its promoter group category.

Approved Reclassification

The stock exchanges have granted no-objection for the reclassification of:

1. Coromandel Engineering Company Limited
2. Yanmar Coromandel Agrisolutions Private Limited

Timeline and Process

• CG Power applied for the reclassification on November 2
• Approval was granted by NSE and BSE on December 5

Implications

This approval effectively removes Coromandel Engineering Company Limited and Yanmar Coromandel Agrisolutions Private Limited from CG Power's promoter group structure. Such changes in promoter group composition can be significant for investors and market watchers, as they may reflect shifts in the company's ownership structure and control.

Regulatory Compliance

The reclassification process aligns with the Securities and Exchange Board of India (SEBI) Listing Regulations, specifically Regulation 31A, which governs the reclassification of promoter group entities.

Current Shareholding Status

It's worth noting that prior to this reclassification, both entities held no shares in CG Power & Industrial Solutions, as illustrated in the following table:

This corporate action marks a significant step in CG Power's ongoing efforts to restructure its promoter group. Investors and stakeholders should take note of this development as it may have implications for the company's governance and ownership structure going forward.

In a significant development for India's semiconductor industry, Ashwani Vaishnaw has announced the commencement of semiconductor production at manufacturing facilities operated by Kaynes and CG Power & Industrial Solutions . This marks a crucial milestone in the country's push towards self-reliance in semiconductor manufacturing.

Key Highlights

• Semiconductor production has begun at Kaynes and CG Power & Industrial Solutions manufacturing plants
• The announcement was made by Ashwani Vaishnaw, likely in his capacity as a government official
• This development signifies progress in India's semiconductor manufacturing capabilities

Industry Implications

The start of semiconductor production at these facilities could have far-reaching implications for India's technology sector. Semiconductors are critical components in various electronic devices, and domestic production could potentially:

• Reduce dependency on imports
• Strengthen the local supply chain
• Boost India's position in the global semiconductor market

Company Profiles

While specific details about the scale of production or the types of semiconductors being manufactured are not provided in the announcement, the commencement of operations at both Kaynes and CG Power & Industrial Solutions plants suggests a coordinated effort to bolster India's semiconductor manufacturing capabilities.

As the semiconductor industry continues to evolve globally, this development could potentially position India as a key player in the sector. However, it's important to note that building a robust semiconductor ecosystem requires sustained effort, investment, and technological advancement.

Stakeholders in the technology and manufacturing sectors will likely be watching closely to see how this initiative progresses and what impact it may have on the broader Indian and global semiconductor landscape.