A US-based company named Silicon Power Group has proposed investing Rs 1,000 crore to build a 150 mm silicon carbide production facility in Odisha. According to the Odisha Chief Minister's Office (CMO), the investment would be made by the group's Indian subsidiary, RiR Power Electronics. The founder of the group, Harshad Mehta, a veteran of the electronics and semiconductor industries with four decades of leadership experience, reportedly gave a letter of intent to the delegation of the Odisha government, which is visiting the US on official business.
Silicon Power, a significant technology developer and solutions supplier in the design, development, manufacture, and testing of high-power semiconductor devices and utility-applicable systems, was founded by Mehta in 1994 and is based in the US. This will be a ground-breaking manufacturing facility for Odisha and will demonstrate the efforts the state government has made to create a semiconductor ecosystem.
The company has promised to begin operations in the following 18 to 24 months, according to the CMO, and a team led by Mehta will visit Odisha in one month. The Odisha delegation gave a presentation outlining the state's industrial ecosystem and the generous package of incentives offered under various policies, including the upcoming semiconductor manufacturing and fabless policy that was recently approved by the cabinet, during a thorough and in-depth discussion with the company team.
The corporation submitted a LoI to establish the manufacturing facility in the state following discussions with the team. According to the state government, it would improve the industrial environment and increase employment prospects significantly in the state. Through its subsidiary, RiR Power Electronics, the US company conducts business in India and provides services to clients in a variety of industries, including industrial, electric utility, rail, renewable energy, and defence.
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