Balu Forge Industries on Tuesday said it has signed a pact with the Karnataka government for setting up a new manufacturing campus at a project cost of Rs 200 crore in Belgaum.
"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 m) in Belgaum, 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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