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State Bags 1K CR US Invest

Bhubaneswar: Expressing happiness over the business ecosystem and policy incentives available in Odisha, US-based Silicon Power Group has proposed to set up a 150 mm silicon carbide manufacturing facility in the State with an investment of Rs 1,000 crore.

The investment will be made by the group’s Indian Subsidiary, RiR Power Electronics. Harshad Mehta, promoter of the group and an electronics and semiconductor industry veteran with 4 decades of leadership experience, has submitted a letter of intent to the delegation of Odisha Government which is on an official tour to the USA, officials said.

Started in 1994 by Shri Mehta and headquartered in the US, Silicon Power is a major technology developer and solutions provider in the design, development, manufacturing and testing of high-power semiconductor devices and utility-applicable systems.

This will be a first-of-its-kind manufacturing facility in Odisha and will serve as a testament to the efforts the government of Odisha has put-in to develop a semiconductor ecosystem in the state.

A company team, led by Shri Mehta will visit Odisha within one month, and the company has committed to start operations in the next 18 to 24 months, they said.

During a comprehensive and wide-ranging discussion with the company team, the Odisha delegation gave a presentation highlighting Odisha’s industrial ecosystem and the generous package of incentives available under different policies, including in the upcoming semiconductor manufacturing and fabless policy which has recently been approved by the Cabinet.

After holding discussion with the team, the company submitted an LoI to set up the manufacturing facility in the state. It will bolster the industrial landscape and create significant employment opportunities in the state, the state government said.

The US firm operates in India through its subsidiary, RiR Power Electronics, which serves customers in a range of fields, including industrial, electric utility, railways, renewables, and defence.