RIR Power stock rallies over 2% after announcing launch of India’s first SiC semiconductor production in Odisha

Semiconductor company RIR Power Electronics shares surged over 2% on Friday after it announced the launch of India’s first First Silicon Carbide (SiC) semiconductor in Odisha with an investment of Rs 618 crore.

The share settled at Rs 2,344 on Friday, up by 59.15 points or 2.59% on BSE.

The company said that production of Epitaxy Wafer will begin as part of phase 1 production by December this year.

“We are proud to align with Odisha’s vision of fostering semiconductor manufacturing and innovation. With the support of the Odisha government, we are on track to begin production of Epitaxy Wafer by the end of this year and do the Packaging and SiC Fab in subsequent years. This initiative not only propels our company forward but also reinforces India’s semiconductor supply chain," said Mr. Harshad Mehta, Founder & Promoter, RIR Power Electronics Limited.

The company further said that the next generation SiC semiconductor facility will focus on manufacturing critical components for electric vehicles, renewable energy systems, power electronics and industrial automation applications.

These SiC semiconductors provide durability alongside high efficiency to transform power applications, which results in enhanced energy efficiency and operational performance throughout various industries.

Additionally, the RIR said that the implementation will generate employment opportunities, facilitate local industry collaborations and contribute to regional economic growth.