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Hon'ble Union Finance Minister Shri P. Chidambaram, Address during the Launch function

SPEL Semiconductor Limited, India’s first and only IC assembly & Test Facility had its massive $250 million expansion plan unveiled by Shri. P. Chidambaram, Hon’ble Union Finance Minister, Govt. of India, on Sep 10, 2006

In a special function held at the SPEL Factory premises, the new state-of-the-art IC package – Leadless Molded Package (LMP) was launched. The Union Finance Minister Shri P. Chidambaram presented the 1st products to 3 of SPEL’s customers. This new package is the start of SPEL’s new expansion, which is spread over 5 years. SPEL has planned to invest $250 Million during its expansion. These funds will be used to increase SPEL’s Advance Packaging capability, expand existing capacity as well as fund an acquisition 2 / 3 years from now.

Mr. Ar Rm Arun, Vice Chairman SPEL said “Due to the Values and hence long term-approach that is contained within SPEL, we will continue to be an extremely attractive company to work with - for our Customers, our Suppliers, our Employees, our Bankers, the Government, our Shareholders and anyone doing business with us.”

Dr. A. C. Muthiah in his address said that SPEL is on a growth path, much different than other associate companies. All decisions are made directly by the Team led by Mr. Ar Rm Arun, Vice Chairman SPEL and the excellent Management Team led by Mr. Sam Varghese. He complimented the SPEL Team for the tremendous growth the company has seen in the last few years.

Mr. T. S. Narayanasami Chairman IOB also addressed the gathering and said that the bank was pleased to have been working with SPEL, the country’s first unit and be closely involved for SPEL’s growth hereon.

Explaining about the new LMP package, Mr. Sam Varghese said “Building more advanced semiconductor packages in India will stimulate the development of the semiconductor supply chain and eventually improve the core competencies of India’s entire information technology industry.”

SPEL will be widening its Package Portfolio by growing its Advanced Packages presence, which provide a high CAGR. SPEL is all set to move ahead with new technology & package scalability. As part of the expansion SPEL will grow in its volumes from the current 252 Million to over 5.6 Billion units per annum while also significantly growing Profitability. SPEL will be enhancing future orders from its existing Customers while also consciously widening its Customer Base.

SPEL is planning to establish a SEZ within Tamil Nadu in the near future. This will eventually benefit Customers & all its Stakeholders. SPEL has already initiated the necessary actions in order to develop the SEZ.

Leaders of the Semiconductor Industry, Customers of SPEL, other industry leaders Government officials Bankers and special invitees were part of this Special Launch Function.