Bhubaneswar, July 29 (KNN) US based Silicon Power Group plans to invest Rs 10 billion ($121.73 million) to establish a facility in India's Odisha state for manufacturing 150 millimetre silicon carbide, a semiconductor component, reported Mint.

The investment will be made through the group's Indian unit, RiR Power Electronics, and the company aims to commence operations within the next 18 to 24 months, the chief minister's office said in a statement.

Silicon carbide is a crucial component used in chips for electric vehicles and various industrial power and energy applications.

This move aligns with an effort by the Modi government's ambition to become a significant player in the semiconductor manufacturing industry and attract investments. 

The country's local chip market is projected to grow to USD 80 billion by 2028, nearly four times its current size of USD 23 billion.

UK-based SRAM & MRAM Group's Indian unit, SRAM & MRAM Technologies and Projects India Pvt Limited, plans to invest ₹30,000 crore in the first phase to establish a semiconductor fabrication unit in Ganjam district, Odisha, reported officials to PTI on 1 July.  (KNN Bureau)