MeitY approves MosChip Technologies Ltd's application under DLI scheme

MosChip Technologies Limited, a Hyderabad-headquartered leading Indian company in Semiconductor, Software and System design solutions, with over 1300 engineers spread across Silicon Valley-USA, Hyderabad, Bengaluru, Ahmedabad and Pune, announced that the Ministry of Electronics and Information Technology, Government of India (MeitY) has approved its application under Government of India's Semiconductor Design Linked Incentive (DLI) scheme for the development of a smart energy meter IC for India and Overseas markets. Ministry of Electronics and Information Technology announced the Design Linked Incentive (DLI) Scheme to offset the disabilities in the domestic industry involved in semiconductor design to not only move up in the value chain but also strengthen the semiconductor chip design ecosystem in the country. CDAC (Centre for Development of Advanced Computing) is responsible for the implementation of the DLI Scheme as a Nodal Agency. The Design Linked Incentive (DLI) Scheme aims to offer financial incentives as well as design infrastructure support across various stages of development and deployment of semiconductor design(s) for Integrated Circuits (ICs), Chipsets, System on Chips (SoCs), Systems & IP Cores and semiconductor linked design(s) over a period of 5 years. MosChip's applicaƟon for the development of a smart energy meter IC was evaluated by CDAC on behalf of MeitY and approved reimbursement on completion of development milestones.

"Smart energy meter IC market is expected grow at 7% CAGR reaching ~60 million units in India and ~2 billion units in Overseas Global Market by 2028".

Mr. Srinivasa Rao Kakumanu, CEO & Managing Director of MosChip Technologies Ltd, said, "We sincerely thank the Ministry of Electronics and Information Technology (MeitY), Government of India and CDAC, the DLI implementing agency, for approving our application under the Semiconductor Design Linked Incentive scheme for the development of a smart energy meter IC. DLI is an excellent policy initiative by the Government of India that helps Indian companies build IP cores, SoCs, and Systems and develop world-class semiconductor products for domestic and overseas markets to realize the vision of an Atmanirbhar Bharat in the semiconductor industry."

Shares of Moschip Technologies Ltd was last trading in BSE at Rs. 175.05 as compared to the previous close of Rs. 176.70. The total number of shares traded during the day was 1826074 in over 11300 trades.

The stock hit an intraday high of Rs. 180.35 and intraday low of 170.20. The net turnover during the day was Rs. 321291692.00.

Source : Equity Bulls

Keywords

MoschipTechnologies INE935B01025 MeitY Application Approval DLIScheme SmartEnergyMeterIC