Balu Forge Industries Ltd (BFIL) enters into a Memorandum of Understanding (MOU) with the Government of Karnataka for the New Manufacturing Campus in Belgaum, India
Mumbai, 8th June, 2021: We are pleased to announce that 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 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:
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. We will also add a minimum of 1000 personnel to our team for the new project.
We are very 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. We aim to work closely with the local government & add value to the local community which will aid in the further development of the City of Belgaum.
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