A manufacturing facility to generate 150 millimetres of silicon carbide, a component for semiconductors, will be built in Odisha with a $121.73 million investment by the US-based Silicon Power Group.

A vital component of chips used in electric vehicles and a variety of industrial power & energy applications is silicon carbide.

Within 18 to 24 months, the production facility is anticipated to be operational.

The company’s promoter Harshad Mehta has submitted a Letter of Intent to the visiting Odisha delegation that was led by Minister of State for Electronics and Information Technology TusharKanti Behera.

India’s local chip market is projected to grow by $80 billion by 2028, which is almost four times its current size of $23 billion.