RIR Power Electronics is a niche Indian manufacturer that sits at the intersection of power and electronics - it designs and makes the high-power semiconductors and the finished power equipment that act as the “heart of the system” for modern industrial loads, from data centres and AI to railways and defence. Founded in 1969 with technology from International Rectifier in the US, the company spent two decades quietly building its know-how before a 2005 leadership change and a 2009 merger brought in the capability to process semiconductor wafers up to 125mm, setting the stage for its current identity as India’s only fully integrated maker of both silicon and silicon carbide power devices. The recurring approach is to master a critical, high-reliability layer of the electronics supply chain - one where failure is not an option - and then forward-integrate that capability into complete systems for the country’s most demanding customers, treating them as long-term partners rather than transactional buyers. # Business segments Three engines built on a single semiconductor core - a legacy silicon-device franchise that funds the group, a project-driven power-equipment business that puts those devices to work in India’s infrastructure, and a silicon carbide bet under construction that aims to capture the next generation of high-voltage power. ## 1. Silicon power semiconductors: the factory that funds everything else **RIR is India’s sole fully integrated manufacturer of silicon power-semiconductor devices, making everything from the diffused wafer to the finished package under one roof - a capability that took decades to build and that global customers trust enough to counterfeit.** - **A range built for industrial muscle** - the product catalogue covers phase-control and inverter-grade thyristors, fast-recovery and standard-recovery diodes, high-voltage modules and bridge rectifiers, with individual devices rated up to 9,000V and 6,000A, which is the kind of specification needed in welding, elevators, railways, medical systems and renewable-energy inverters. - **Deep, inherited process know-how** - the original technology for smaller devices came from International Rectifier in California, and the capability to handle wafers up to 125mm arrived with the 2009 merger of Orient Semiconductors, which carried technical know-how from Silicon Power Corporation’s ex-General Electric facility in the US. - **Quality that invites imitation** - management has observed Chinese products in the market carrying the RIR logo, a backhanded compliment to a reputation built over more than five decades of serving over 300 customers across 10-plus countries. - **A focused, premium position** - the company deliberately stays in medium- and high-power devices for top-end OEM customers, avoiding the low-cost commodity segments where it cannot differentiate, which gives it sustainable revenue with better visibility. ## 2. Power equipment: putting the devices to work in India’s backbone **RIR takes its own semiconductors and builds them into complete, custom-engineered rectifiers and power systems for the railways, defence, nuclear and green-hydrogen sectors - a project-driven business where each order is a high-reliability stamp of approval.** - **From component to commissioned system** - the equipment range spans power rectifiers, battery chargers, high-power stacks and assemblies, and AC voltage regulators, all built around the company’s in-house devices, which means it captures value at both the chip and the system level. - **Landmark projects as credentials** - the company has delivered a 30V, 10,000A rectifier for electrolysis at BARC, a 12V, 10,000A unit for demagnetisation at a Hindalco smelter, a plasma rectifier for the Nuclear Fuel Complex in Hyderabad, and a 60V, 2,000A rectifier for a 15MW green-hydrogen plant in Ujjain, each a reference that opens doors in tightly regulated industries. - **Railways and defence as anchor clients** - RIR is a “Part One Supplier” to Indian Railways and holds RDSO approval, while its defence work includes rectifier systems for the Nuclear Power Corporation and assemblies for electromagnetic rail-gun and launching systems, markets where the qualification cycle is long but the relationships are sticky. - **Green hydrogen as a growth lane** - the company’s high-performance rectifiers provide the stable DC supply and precise voltage control that electrolysis demands, and they have already been deployed in hydrogenation, electrochlorination and refinery electrolysis projects, positioning RIR at the power-conversion heart of the clean-energy transition. ## 3. Silicon carbide semiconductors: the next-generation bet under construction **RIR is building India’s first vertically integrated silicon carbide device-manufacturing capability - from epitaxy through packaging to fabrication - targeting high-voltage industrial and defence applications where silicon hits its limits.** - **A material step-change** - silicon carbide devices offer higher efficiency, faster switching and greater voltage tolerance than traditional silicon, making them essential for applications above 3.3kV such as railway traction, grid infrastructure and directed-energy defence systems, and RIR is focusing precisely on that thick-epi, high-voltage niche rather than the crowded automotive market. - **Bought-in technology, adapted for scale** - the SiC portfolio of diodes, MOSFETs and IGBTs comes from a technology-transfer agreement with Sicamore Semi, and the process originally developed for 4-inch wafers has been successfully migrated to 6-inch production with support from partners in the US and Taiwan. - **Already shipping, already booked** - the company is manufacturing and selling 1200V SiC diodes from a contract fab in Taiwan, with purchase orders in hand from Richardson Electronics in the US and Ankit Plastics in India, so the business is generating revenue even before the Odisha plant comes online. - **A ₹618-crore factory taking shape** - the Odisha facility is being built on a 150mm line with a total capacity of 4,000 wafers per month; Phase 1 covers epitaxy, with cleanroom construction complete and equipment installation underway for commissioning by Q2 FY27, while subsequent phases will add device fabrication and packaging. - **State subsidy reduces capex burden** - the Government of Odisha approved a capital subsidy under its semiconductor policy, and the company has already received a first tranche of ₹32.56 crores, materially reducing the burden of building a frontier semiconductor plant from internal accruals. # Group structure and partners **A tightly held promoter group with deep American technical roots controls the company and supplies the silicon carbide technology that the Odisha plant will commercialise.** - The promoter group holds 71.80% of the equity, with Smt. Bhavna H. Mehta as the largest shareholder and Dr. Harshad Mehta - a PhD in power electronics - serving as Non-Executive Chairman. - The company has a wholly owned subsidiary, Visicon Power Electronics, acquired from Silicon Power Corporation in 2021, which imported an epitaxy furnace from Italy and holds PLI Scheme approval; its epitaxial manufacturing is planned to move from Halol to the new Odisha facility. - SiCamore Semiconductor Inc., USA - a related party under common promoter control through Silicon Power Corporation - is the source of the silicon carbide wafer technology, for which RIR paid up to ₹42 crores for a twenty-year licence, creating a direct pipeline of process know-how from the US to India. - The company’s distribution reach is amplified by a 20-year relationship network linking Silicon Power, RIR and key global customers, giving the Indian manufacturer an established sales channel in export markets.