Bhubaneswar, Jul 27 (PTI) Silicon Power Group has shown interest in investing Rs 1,000 crore in Odisha to set up a silicon carbide manufacturing facility, an official statement said on Thursday.

The investment will be made by the company's Indian subsidiary RiR Power Electronics, said the statement issued by the Chief Minister's Office (CMO).

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A letter of intent was submitted by the company's CMD Harshad Mehta to the delegation of the state government, which is visiting the US to promote Odisha as an investment destination.

Silicon Power is involved in the design, development, manufacturing and testing of high-power semiconductor devices and utility-applicable systems, the statement said.

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This will be a first-of-its-kind manufacturing facility in the state, and will serve as a testament to the efforts of the government to develop a semiconductor ecosystem, it said.

A team of the company will visit Odisha within a month, and it has committed to start operations in the next 18-24 months, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)