Balu Forge Industries Ltd enters into MOU with the Government of Karnataka for the New Manufacturing Campus in Belgaum, India

Balu Forge Industries Ltd has signed a Memorandum of Understanding (MOU) with the Government of Karnataka for the construction of a new facility that would spread over 25 Acres (over 100,000 m²) in Belgaum, Karnataka.

The Inception of the new Manufacturing Campus will be undertaken under the guidance of Smt. Gunjan Krishna, IAS, Commissioner, Industrial Development & CEO, Invest Karnataka Forum & with the support of the Government of Karnataka.

The new facility will not only act as a Manufacturing Centre but will also be setup as a Technology & Innovation Campus with a strong focus on Integrated Defence Research & Production, Cylindrical Cell Production for Electric Vehicles, Components Suitable for New Energy Vehicle Drivetrains & Powertrains, Spent Battery Recycling to name a few but not limited to the same. There will be a dedicated R&D center spread over 4000 m² with a strong focus on the following key areas:

- Advanced Materials & Composites (Development of New Materials)
- Fuel Cell Development
- Cylindrical Cell & Module Development (LFP & NMC)
- Metal Air Battery Development (Zinc Air)
- New Energy Powertrain & Drivetrain solutions (New Vehicle Components)
- Advanced & Additive Manufacturing
- Energy Storage Solutions
- Alternate Bio fuels
- Spent Battery Recycling
- Advance Defence systems & solutions

The R&D Center will serve as the backbone of the company's new direction & will also house Naya Energy's R&D Division. The Project timeline is for a period of 3 Years starting FY2021/2022 with a planned capital outlay of INR 200 Crores over these 3 Years. The company will also add a minimum of 1000 personnel to its team for the new project.

The company is thankful to the Government of Karnataka for their support & look forward to setting up our new State of the Art Global Manufacturing Headquarter in the City of Belgaum. The company will work closely with the local government & add value to the local community which will aid in the further development of the City of Belgaum.

Source : Equity Bulls

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