US-based battery firm to invest Rs 4000 cr in Karnataka

World's leading lithium-ion cell manufacturing company, C4V will invest over Rs 4,000 crore in Karnataka to set up a 5 Gigawatt hours (GWh ) plant in the state. The company's investment will create more than 4,000 jobs.

Bengaluru: In yet another boost to business and employment in Karnataka, C4V, a leading US-based company in the lithium-ion cell manufacturing sector on Thursday announced to invest over Rs 4,000 crore in the state in the electric battery manufacturing sector, Industries Minister Jagadish Shettar said.

Shettar said C4V is a leading company with over a hundred patents and lithium battery cell manufacturing and technology. The company's investment of Rs 4,015 crore in the state will create more than 4,000 jobs. The company will set up a 5 Gigawatt hours (GWh ) plant in the state and will begin work next year, he added. A lithium-ion battery or Li-ion battery is a type of rechargeable battery commonly used for portable electronics and electric vehicles.

“We have pioneered the future of green with the recent changes in the latest Electronic System Design and Manufacturing Policy (ESDM) policy and the Electric Vehicle Policy in the state. The cell manufacturing sector will play an important role in reducing environmental pollution”, the Minister said.

Shettar said the cooperation required by this sector is already being provided by the state government. “At this juncture, our government has promised to provide all the kind of cooperation needed for the establishment of industries in the state”, he added.

Raj Kumar Khatri, Additional Chief Secretary, Department of Industry and Commerce; Gunjan Krishna, Commissioner of Industrial Development, Shailesh Uprati, Chief Executive Officer of C4V, Vice President Kuldeep Gupta, Managing Director of Karnataka Udyog Mitra, Chief Operating Officer (COO) of Invest Karnataka Forum B.K Shivakumar were present on the occasion.