Ruttonsha International Rectifier has approved acquisition of 100 percent stake in Visicon Power Electronics.
The company has approved acquisition of 100 percent stake in Visicon Power Electronics i. e. 21,03,834 equity shares for cash consideration of Rs 2,10,38,340 based on valuation done by registered valuer stating fair value of shares at Rs 101 per share, thereby making Visicon Power a wholly-owned subsidiary of the company.
Visicon Power was incorporated on 24 July, 2020 as a wholly-owned subsidiary of Silicon Power Corporation, US.
The company is into the business of manufacturing silicon carbide (Sic) wafers and power electronic devices. It is in the process of setting up its plant near Baska at Halol in Gujarat. It has received Production Linked Incentive (PLI) Scheme approval from the government of India.
It has also made an application for the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) of the government of India for setting up Sic-based manufacturing facility in India.
The company expects to receive approval under SPECS scheme in a couple of months' time. It is expected to start its commercial production from FY23 onwards.