“We have signed a memorandum of understanding (MoU) with the Government of Karnataka for the construction of our new facility that would spread over 25 acres (over 100,000 mÂ²) in Belagavi, Karnataka,” Balu Forge Industries said in a regulatory filing.
The project timeline is for a period of three years with a planned capital outlay of Rs 200 crore.
Balu Forge Industries said the inception of the new manufacturing campus will be undertaken under the guidance of Gunjan Krishna, IAS, Commissioner, Industrial Development and CEO, Invest Karnataka Forum and with the support of the Government of Karnataka.
As per Balu Forge Industries the new facility will not only act as a manufacturing centre but will also be setup as a technology and innovation campus with a strong focus on integrated defence research and production, cylindrical cell production for electric vehicles, components suitable for new energy vehicle drivetrains and powertrains and spent battery recycling.
Disclaimer: This story has not been edited by Belagavi infra and is auto-generated from news agency feeds. Source: PTI