### **Overview** RIR Power Electronics Limited (formerly Ruttonsha International Rectifier Ltd.), established in 1969, is a pioneering Indian company in the field of power electronics and semiconductors. With over five decades of experience, RIR is recognized as **India’s only fully integrated domestic manufacturer of silicon (Si) and silicon carbide (SiC) power semiconductor devices**. The company operates a vertically integrated ecosystem spanning wafer processing, device fabrication, packaging, and power equipment manufacturing. Headquartered in Gujarat, with a new state-of-the-art SiC facility being developed in **Bhubaneswar, Odisha**, RIR has strategically positioned itself at the forefront of India's push for semiconductor self-reliance under initiatives like *Atmanirbhar Bharat* and the India Semiconductor Mission. --- ### **Core Business Segments** RIR’s operations are anchored across four growth pillars: 1. **Semiconductor Devices** – Diodes, thyristors, SCRs, modules, and bridge rectifiers. 2. **Power Equipment** – Rectifiers, battery chargers, high-power stacks, voltage regulators. 3. **Silicon Carbide (SiC) Technologies** – Next-gen high-voltage power semiconductors. 4. **Green Hydrogen Solutions** – High-efficiency rectifiers for electrolysis-based hydrogen production. The company serves critical sectors including **Defence, Railways, Nuclear Energy, Renewables, Oil & Gas, Mining, EVs, and Smart Grids**, with products used by over 300 customers in 10+ countries. --- ### **Silicon Carbide (SiC) Strategic Expansion** RIR is currently executing India’s **first end-to-end Silicon Carbide (SiC) fabrication facility** in Bhubaneswar, Odisha, with a total capital investment of **₹6,186 million (₹618 crores)**. This plant aims to create a vertically integrated domestic supply chain for advanced wide-bandgap (WBG) semiconductors, reducing India’s import dependence. #### **Key Highlights (Nov 2025):** - **Investment & Funding**: - Total capex: ₹618 crores, allocated across **epitaxy (₹100 cr), device fabrication (₹106 cr), packaging (₹100 cr), and fab infrastructure (₹400 cr)**. - Government of Odisha has provided fiscal support of **₹32.56 crores**, with ₹26 crores already deposited. - **Government Delays**: Full fab expansion delayed due to funding disbursement lags; however, **epitaxy reactor deployment remains on track for January 2026**. - **Strategic Rationale**: - Prioritize **medium- and high-voltage applications (3.3kV and above)** where global competition is limited. - Adopt a **capital-efficient, phased rollout** to mitigate risks from high capex and crowded EV markets. - Focus on **commercial viability over scale**—no 8-inch transition until 6-inch production proves profitable. --- ### **Technology & Manufacturing Capabilities** #### **SiC Wafer and Epitaxy Development** - **P106 Reactor**: Operational 6-inch (150mm) SiC epitaxial reactor with target capacity of **4,000 wafers/month**. - **P108 Reactor**: Ordered for 8-inch (200mm) wafers; deployment delayed due to technical and economic challenges in high-voltage SiC epitaxy. - **Focus on Thick Epitaxial Layers**: - Grows ultra-pure, defect-free epi-layers between **20–180 microns**—significantly thicker than competitors (typically 12–15µm). - Technical edge in **≥3.3kV applications** where thick layers are essential. - Expected yield: **85%**, competitive with global benchmarks. - **Input-Output Economics**: - Input cost: ~$250/wafer. - Selling price: $800 (50μm) to $1,500 (180μm), due to non-linear complexity in thicker layers. - **Revenue Outlook (EPI)**: - Projected **₹60 crores** from epitaxial layer business. - ~65% export revenue; 35% domestic (including defense labs). #### **R&D and Expert Partnerships** - Collaboration with **NTU Singapore** to improve epitaxial yield and defect characterization. - Acquired a specialized **epitaxy tool from Italy** with general process recipe—customized in-house. - Technical advisory from **TIFR scientists**, including PhD talent, to optimize gas delivery and process efficiency. - Leveraging IP from **SiCamore Semiconductor Inc. (USA)** via a 2024 technology transfer agreement for SiC diodes, MOSFETs, and IGBTs. #### **Phase-wise Manufacturing Rollout** 1. **Phase 1 (Current)**: - **Epitaxy and packaging** set up at the Odyssey facility in Odisha. - Device fabrication **outsourced to Taiwan** (Pro Asia Semiconductor Corp – PASC) to overcome long equipment lead times (1.5–2 years). 2. **Phase 2**: - Onshore device fabrication as local ecosystem matures. 3. **Full Ecosystem**: - Complete in-house SiC value chain expected by **2027 (2.5 years from 2026)**. --- ### **Product Development & Market Positioning** #### **High-Voltage SiC Devices** - Successfully developed **SiC diodes up to 22,000 volts**, supplied to the **U.S. Army**. - Capability to produce SiC devices up to **20kV**, among the highest globally. - Actively developing **1200V, 3.3kV, 6.5kV, and higher-voltage SiC MOSFETs and IGBTs** for high-voltage DC (HVDC) transmission. #### **India’s 2,500 MW HVDC Corridor** - In active discussions with **Odisha Grid and NTPC** for participation in India’s national HVDC transmission project. - RIR’s domestic manufacturing capability gives it unique access as India’s **only SiC power device producer**. #### **Green Hydrogen & Renewable Energy** - Supplies **high-current, stable DC rectifiers** for green hydrogen via water electrolysis. - Successful deployment: **60V, 2000A rectifier (15MW plant, Ujjain)**. - Other key projects: 176V/8900A (NPCIL), 200V/3200A (electro-chlorination). - SiC-based systems enhance energy efficiency in solar, wind, and microgrids. #### **Defense & Railways** - **EM Rail Gun** and **EM Launching System** projects using 100mm and 125mm devices (validated in 2024–2025). - **RDSO-approved** 3600V and 4300V devices for diesel/electric locomotives—Tier 1 supplier to Indian Railways. --- ### **Commercialization and Revenue Growth** #### **Near-Term Revenue Streams** - Outsourced manufacturing of **10,000 high-power devices (own IP)** via a **Taiwan foundry**. - Deliveries to **Indian Navy** worth ~$95,000. - Secured **LOIs** from global leaders: **Alpha & Omega Semiconductor, STMicroelectronics, and Microchip**, indicating strong demand. - Purchase orders from **Richardson Electronics (USA)** and **Ankit Plastics (India)** for 1200V SiC diodes. #### **Strategic Partnerships** - **Pro Asia Semiconductor Corporation (PASC), Taiwan**: Enables faster market entry with 1200V Schottky Barrier Diodes (2A–60A) for Indian, U.S., and Southeast Asian markets. - **SiCamore Semi (USA)**: Technology transfer for SiC IP, scaled from 4-inch to 6-inch wafers with support from Vortex Semi and PASC. #### **Financial Performance (Nov 2025)** - **EBITDA growth**: 77% YoY. - **EBITDA margin**: Expanded to **17.01%**, driven by improved product mix and cost efficiency. - **FY24–25 Revenue Growth**: 27%, uplifted by demand in semiconductors, high-power equipment, and exports. - **Export Growth (2022–23)**: Soared by **74% YoY**, reaching ₹1,123 lakhs. --- ### **Strategic & Competitive Position** - **Vertical Integration**: Full control from substrate to packaged device, including **in-house diffusion capability**—unique in India. - **Market Differentiation**: - Focus on **high-voltage (>3.3kV)** niche where Chinese and global players are less active. - Thick epi-layer expertise supports defense, grid, aerospace, and nuclear applications. - **Geopolitical Advantage**: - US-China trade tensions and supply chain disruptions have boosted demand for **non-China, trusted sources**. - RIR positioned as a secure, indigenous alternative for strategic sectors. - **Caution vs. China**: Recognizes China’s dominance in 1200V SiC on 200mm wafers but avoids direct competition, focusing instead on **technical niches and economic sustainability**. --- ### **Leadership & Technical Expertise** - **Dr. Harshad Mehta**, industry veteran (ex-GE, founder of Silicon Power Corp USA), provides strategic leadership. - Deep collaboration with U.S. partners (SPCO, SiCamore) ensures access to cutting-edge know-how. - In-house scientific talent, including TIFR PhDs, ensures continuous process innovation. ---