US-based Silicon Power Group has plans to set up a 150mm carbide manufacturing facility in Odisha. The cost of the project is estimated at Rs 1,000 crore. The investment will be made by the group’s Indian subsidiary, RIR Power Electronics.
According to a press statement from the chief minister’s office, “Harshad Mehta, promoter of the group and a veteran of the electronics and semiconductor industry with four decades of leadership experience, has submitted a Letter of Intent to the government of Odisha delegation which is on an official visit to the US.”
In order to attract investment to the state, particularly in the electronics and IT sector, a delegation that includes the chief minister’s secretary and 5-T (transformation initiatives) secretary VK Pandian, development commissioner Anu Garg, principal secretary of electronics and IT Manoj Mishra, electronics and IT minister Tusharkanti Behera and other state officials are currently visiting the US.
Started in 1994 by 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.
The government of Odisha has worked hard to create a semiconductor ecosystem in the state, and this manufacturing facility would be the first of its kind in the state. The company has committed to starting operations in the following 18 to 24 months, and a team lead by Mehta himself will visit Odisha in a month, according to the announcement.
The Odisha government delegation presented during a thorough conversation with the firm team, stressing Odisha’s industrial ecosystem and the generous package of incentives offered under various policies, including the forthcoming Semiconductor Manufacturing and Fabless Policy.
During a comprehensive discussion with the company team, the Odisha government delegation made a presentation highlighting Odisha’s industrial ecosystem and the generous package of incentives available under different policies, including the upcoming Semiconductor Manufacturing and Fabless Policy.