Government of Odisha approves fiscal support for Phase 1 of RIR Power Electronics'' Silicon Carbide (SiC) semiconductor plant in Bhubaneswar
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The Government of Odisha, through its Electronics & Information Technology Department, has approved a fiscal support (capital subsidy) agreement for Phase 1 of RIR Power Electronics' Silicon Carbide (SiC) semiconductor manufacturing facility in Bhubaneswar. The total project cost for Phase 1 and Phase 2 combined is around ₹618 crore, of which about ₹65 crore has already been spent and the company is eligible for approximately ₹32 crore in government capital subsidy. The project, originally cleared by the State-Level Single Window Clearance Committee and state cabinet last fiscal year, will produce high-power SiC MOSFETs, IGBTs and diodes (3.3 kV to 20 kV) used in electric vehicles, renewable energy, power electronics and industrial automation. The company's market cap is roughly ₹1,650 crore as of August 6, 2025.
This is a positive development for shareholders as government subsidy lowers the effective cost of a large capex project and signals state-level backing for the company's first-of-its-kind SiC facility. It strengthens RIR's strategic positioning in India's semiconductor and Make-in-India push, potentially supportive of long-term valuation, though execution and commissioning timelines remain key risks.