India's Semiconductor Mission: US Firm Likely To Invest Rs 1,000 Crore To Set Up Silicon Carbide Manufacturing Facility In Odisha

US-based company Silicon Power Corporation has reportedly shown interest to invest Rs 1,000 crore to establish a 150mm silicon carbide manufacturing facility in Odisha.

The investment will be made by the group's Indian subsidiary, RiR Power Electronics, Indian Express reported citing official sources.

After a meeting with company promoter Harshad Mehta, a delegation from the Odisha government received a letter of intent (LOI) from Silicon Power Corporation. The delegation is currently on an official visit to the US. Silicon Power Corporation, founded in 1994 by Harshad Mehta and headquartered in the US, is a leading technology developer and solutions provider in the field 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 of the state government to develop a semiconductor ecosystem in the state,” an official who is part of the delegation was quoted by IE as saying.

A team of the company has expressed their willingness to visit Odisha within one month. They have assured their commitment to starting operations in the next 18 to 24 months, according to an official.

A team led by Mehta from the company has expressed their willingness to visit Odisha within one month. They have assured their commitment to starting operations in the next 18 to 24 months, according to an official. On 21 July, the Odisha Cabinet approved a proposal for a semiconductor manufacturing policy with various incentives. This happened a day before a delegation, including Electronics and IT Minister Tusharkanti Behera and senior officers, left for the US.

To attract investors to Odisha in the sector, the delegation made a presentation highlighting Odisha’s industrial ecosystem and the lucrative package of incentives available under different policies, including in semiconductor manufacturing and fabless policy.

The official stated that Silicon Power's entry into Odisha will strengthen the industrial landscape and create significant employment opportunities in the state.