RIR Power Electronics Limited shareholders approved the appointment of Ramesh Kumar Narasinghbhan as Managing Director and CEO during the company's 57th Annual General Meeting held on September 29, 2026.

The meeting, conducted via video conferencing, also saw the adoption of financial statements for FY26 and the declaration of a dividend of ₹0.10 per equity share. Dr. Harshad Mehta, Chairman of the company, chaired the proceedings, noting that the statutory auditors' report contained no qualifications.

Governance changes approved

The AGM addressed several key leadership transitions and board compositions. In addition to the MD and CEO appointment, shareholders voted to continue Dr. Harshad Mehta’s directorship post-age 75 and appointed two new Non-Executive Independent Directors.

Board appointments and resolutions

The following table summarizes the key resolutions passed at the meeting:

Meeting details and participation

The meeting was held through Video Conference/Other Audio Visual Means (VC/OAVM). The record date for determining shareholder eligibility was September 22, 2026. A total of 34 participants attended via VC, comprising one promoter representative and 33 public shareholders. No in-person or proxy attendees were recorded for this virtual meeting.

M/s. Neetu Agrawal & Co., Practising Company Secretary, served as the scrutinizer for the e-voting process. The voting results and the consolidated scrutinizer's report are to be submitted to stock exchanges and uploaded on the company website in due course.

RIR Power Electronics Limited completed the installation of Silicon Carbide (SiC) Epitaxial Wafer Manufacturing Reactors at its Bhubaneswar facility on September 16, 2026.

The development marks a critical step toward establishing India's first vertically integrated SiC semiconductor production facility. The company aims to commence commercial production after fulfilling remaining statutory and regulatory formalities.

Facility Milestones

The installation includes key equipment for the SiC epitaxial wafer manufacturing process. Essential power connections, utilities, and supporting infrastructure have been commissioned and are in place. Shri Vishal Dev, Additional Chief Secretary of the Government of Odisha, witnessed the facility's readiness alongside senior officials.

This infrastructure completion supports RIR Power Electronics' planned ₹618 crore investment in a vertically integrated SiC semiconductor manufacturing ecosystem. The facility is designed to produce advanced SiC-based power semiconductor devices, including high-power MOSFETs, diodes, and modules.

Strategic Context

SiC technology offers higher energy efficiency, improved power handling, and reduced power losses compared to conventional silicon-based technologies. These attributes make SiC critical for applications in electric mobility, renewable energy, energy storage, railways, aerospace, defence, data centres, and industrial automation.

The project aligns with the "Make in India" and "Atmanirbhar Bharat" initiatives. It supports Odisha's emergence as a hub in India's semiconductor value chain by enabling advanced manufacturing capabilities for domestic and global markets.

What the Numbers Show

The ₹618 crore capital expenditure represents a significant commitment to upstream semiconductor manufacturing. By focusing on the epitaxial wafer stage—the foundational step in the value chain—the company is building a "Silicon Carbide to System" approach. This vertical integration strategy aims to capture value across the entire production spectrum, from raw wafers to final system-level solutions, rather than relying solely on downstream assembly or packaging.