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CMI to ally with prospective manufacturers of Semi-Conductors to lease Baddi plant; Stock skyrockets 18%

CMI's Baddi plant is a state of art technology plant facility having a huge capacity to manufacture LT, HT and EHV Cables up to 132 KVA.

December 31, 2021 2:52 IST | India Infoline News Service
CMI Limited board of directors accorded their consent to the company's management for exploring the opportunity to enter into an alliance with prospective manufacturers of Semi-Conductors to lease the Baddi Plant.

The proposal is in consequent to the approval of the scheme of the Government of Rs76,00cr to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for hi-tech production and attract large chip makers, which would promote India's ambitions to be self-reliant in electronics manufacturing and bring massive Investments, Under this scheme, India will set up more than 20 semiconductor design, components manufacturing and display fabrication (fab) units over the next six years.

CMI's Baddi plant is a state of art technology plant facility having a huge capacity to manufacture LT, HT and EHV Cables up to 132 KVA. The manufacturing facility is spread over an area of 80,000 sq meters. The plant is designed to reduce waste; pollution, and environmental degradation with an energy efficiency of 20-30% as compared to other plants of similar size, Moreover it is the only silver certified green project In India to manufacture cables.

For this purpose, Amit Jain, Chairman & Managing Director of the Company be and is hereby authorised by the board to appoint any consultant/ Advisor/ Professional etc.

At around 2.49 pm, CMI was trading at Rs47.50 per piece up by 18.01% on Sensex.

The stock has touched an intraday high of Rs48.30 per piece. 

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