The state government on Thursday inked an agreement with New York-based Charge CCCV LLC (C4V) that has offered to invest Rs 4,000 crore in Karnataka's electric battery manufacturing sector and generate over 4,000 jobs.
C4V is a lithium-ion battery manufacturing company, Industries Minister Jagadish Shettar said.
These batteries are used in electronics, electric vehicles and have found a growing use in the aerospace sector, too.
The construction work for a 5 GWh capacity plant will commence later this year, the minister said. "The company's investment of Rs 4,015 crore in the state will create more than 4,000 jobs," Shettar said.
The company has already begun signing various MoUs with Indian companies for supply of batteries, according to a release.
“We have pioneered the future of green with the recent changes in the Electronic System Design and Manufacturing Policy (ESDM) policy and the Electric Vehicle Policy. The cell manufacturing sector will play an important role in reducing environmental pollution," Shettar said, promising "all cooperation" for industries to set up shop in the state.
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