Ruttonsha International Rectifier Ltd aka RIR has acquired 100% stake in Visicon Power Electronics Private Limited. Visicon Power was incorporated in India on July 24, 2020, as a wholly-owned subsidiary of Silicon Power Corporation, USA.
Due to this acquisition, Ruttonsha International hit a 52-week high at Rs185.55 per piece during early trading deals on Sensex.
Visicon Power is in the business of manufacturing Silicon Carbide (SiC) wafers and power electronic devices through the Epitaxial process. It is in the process of setting up its plant near Baska, Halol, Gujarat. It has received PLI production Scheme approval from the Indian Government.
Further, RIR has also made an application for the Scheme for Promotion of manufacturing of electronic components and semiconductors (SPECS) for the Government of India for setting up a SiC-based manufacturing facility in India.
The company expects to receive approval under SPECS schemes in a couple of months' time. Visicon Power has imported an EPI furnace from LPE Italy and is in the process of installing the same at its plant located at Baska, Halol, Gujarat. It expects to start commercial production from FY 2022-23 onwards.
The aforesaid acquisition is for ease of business operations which will further enable Ruttonsha to acquire the latest technology and widen its product reach across diverse business verticals of semiconductors.