CG Power and Industrial Solutions Limited has informed the Exchange about Rumour Verification - Regulation 30(11)
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Awaiting price reaction for this filing.
CG Power issued a clarification under SEBI Regulation 30(11) in response to an Economic Times article suggesting that financial turmoil at Wolfspeed could affect CG Power's chip venture. The company confirmed with JV partner Renesas Electronics that the article is not based on any official Renesas statement and contains several inaccuracies. Renesas affirmed its full commitment to the CG Semi OSAT joint venture (with Stars Microelectronics), stating the Wolfspeed situation will have no impact on CG Semi's production, operations, or relationships. India remains a key focus market for Renesas under the 'Make in India' initiative, and no global supply chain disruptions are anticipated.
This is a positive clarification that addresses and refutes negative media speculation, likely to reassure investors about the stability of CG Power's semiconductor JV plans and remove overhang from the stock caused by the Wolfspeed-related news.