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US-based company Silicon Power Group has expressed interest to set up a 150 mm silicon carbide manufacturing facility in Odisha at an investment of Rs 1,000 crore. The company has submitted a letter of intent to the Odisha governments delegation, which is on an official visit to the USA.
The investment will be made by the Groups Indian subsidiary, RiR Power Electronics, which caters to customers in industrial, electric utility, renewables and others. The plant, which will be a first-of-its-kind manufacturing unit in Odisha, is likely to start operations in 18 to 24 months.
The package of incentives available under the Semiconductor Manufacturing and Fabless Policy, which received the Odisha Cabinets approval on 21 July, 2023 were highlighted in a presentation by the delegation.
The facility is expected to boost the industrial landscape, and help Odisha develop an advanced manufacturing and semiconductor ecosystem, while creating significant employment opportunities in the state.
Silicon Power is engaged in the manufacturing and testing of high-power semiconductor devices and utility-applicable systems. |
