Momentive Performance Materials, a US based company is setting up high tech silicone unit in Sriperumpudur unit near Chennai with an investment of Rs. 270 million. The project will be developed in two phases. The company which has its corporate office, R&D centre and a production facility now in Bangalore in leased land will move from Bangalore to Sriperumpudur. Its first phase has been completed, from here it will serve Nokia and Hyundai (located in Sriperumpudur) and also serve South and West Asian markets.