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CG Power to implement Rs 662-cr capacity expansion

Tuesday, 02 Jul 2024
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CG Power and Industrial Solutions, an engineering firm of the Murugappa Group, is implementing a Rs 662-crore capacity expansion. These projects are expected to be completed in the next 18 months, and would be funded through internal accruals.

IThe company is investing significantly in ramping up production capacities for motors, transformers, and switchgears, while it has forayed into semiconductor manufacturing and started work for its outsourced assembly and testing (OSAT) facility in Gujarat.

CG Power also kicked off the expansion of the production capacity of the large industrial machines (LIM) unit of the company situated at Mandideep, Bhopal, at an investment of Rs 35 crore. This will increase the capacity of LIM up to 1,728 units per annum, from the existing capacity of 1,002 units per annum. The company’s order intake for FY24 was Rs 10,512 crore and as of March 2024, the unexecuted order book stood at Rs 6,411 crore (Rs 4,458 crore).

In 2023-24, the Rs 8,046-crore company initiated the expansion of its manufacturing capacity for instrument transformers and condenser bushings, medium voltage switchgear, and the GIS unit of its switchgears division situated at Nashik with a capital outlay of Rs 155 crore. The proposed expansion will increase the capacity of instrument transformers and condenser bushings up to 2,494 units per annum, from 384 units, and medium voltage switchgears up to 5,000 units per annum.

The company will hold 92.34 percent of the equity of the joint venture, CG Semi which is establishing the OSAT unit in Gujarat at an investment of Rs 7,600 crore over five years. Its JV partners for this project are Renesas Electronics Corporation and Stars Microelectronics (Thailand).

In FY23, the Board had approved the expansion of the manufacturing capacity of power transformers and distribution transformers units situated at Malanpur and Bhopal at Rs 126 crore. It involved capacity increase from 17,000 MVA to 25,000 MVA for power transformers, and from 6,900 MVA to 9,900 MVA for distribution transformers. 

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