BHUBANESWAR, July 28 (Reuters) - U.S.-based Silicon Power Group will invest 10 billion rupees ($121.73 million) to set up a facility in India's Odisha state to make 150 millimetre silicon carbide, a semiconductor component, the state's chief minister's office said late Thursday.
The investment will be made by the group's Indian unit, RiR Power Electronics, and the company has committed to start operations in the next 18 to 24 months, the chief minister's office said in a statement.
Silicon carbide is a component that goes into chips used in electric cars and other industrial power and energy applications.
The move comes as top executives from Foxconn and semiconductor firms Micron and AMD are set to attend a conference in Prime Minister Narendra Modi's home state of Gujarat, an effort by the federal government to lure investments.
($1 = 82.1500 Indian rupees)Reporting by Jatindra Dash in Bhubaneswar, writing by Manvi Pant; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.
Persons:
Narendra Modi's, Jatindra, Manvi Pant, Eileen Soreng
Organizations:
Power, Power Electronics, Micron, AMD, Thomson
Locations:
BHUBANESWAR, India's Odisha, Gujarat, India, Taiwan, Bhubaneswar