October 15, 2024 – CG Power and Industrial Solutions Limited, a Murugappa Group company, today announced the acquisition of Renesas Electronics Corporation’s radio frequency (RF) components business for USD 36 million. This strategic acquisition marks CG Power’s entry into the semiconductor design sector, a high-growth and high-profitability market.
The asset purchase agreement, executed on October 4, 2024, between CG Power and Renesas Electronics America and other affiliated Renesas entities, encompasses intellectual property, tangible assets, and select employees across semiconductor design, marketing, and applications support.
This transaction is expected to significantly enhance India’s presence in semiconductor design and development. For Renesas, the divestiture allows for increased focus on its strategic analog and connectivity business segments. Renesas will support a smooth transition to ensure continued high-quality support for its customers.
CG Power, headquartered in Mumbai, is a leading player in the electrical engineering sector, with a diverse portfolio spanning industrial and power systems. The company’s manufacturing capabilities extend across nine locations in India and one in Sweden, supported by a robust network of regional and branch offices. This acquisition further diversifies CG Power’s operations, adding to its existing product lines which include critical components for Indian Railways and a range of industrial and consumer products.
