For construction of new facility at Belgaum
Balu Forge Industries has signed a Memorandum of Understanding (MOU) with the Government of Karnataka for the construction of its new facility that would spread over 25 acres in Belgaum, 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.
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 Rs 200 crore over these 3 Years. The company will also add a minimum of 1000 personnel to its team for the new project.
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