US-based battery firm C4V to invest Rs 4,000 Cr in Karnataka
Karnataka Medium and Large Industries Minister Jagadish Shettar says an agreement has been signed with representatives of US-based C4V, one of the world's leading Li-Ion cell manufacturers.
US-based C4V, a leading company in the lithium-ion cell manufacturing sector, is willing to invest over Rs 4,000 crore in the state in the electric battery manufacturing sector, Karnataka Medium and Large Industries Minister Jagadish Shettar said on Thursday.
A lithium-ion battery or Li-ion battery is a type of rechargeable battery commonly used for portable electronics and electric vehicles.
An agreement with representatives of the world's leading Li-Ion cell manufacturing company was signed in the city, the Minister said in a statement.
He added that the C4V is a leading company with over a 100 patents in 30-plus countries 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, Shettar said.
The company will set up a 5 Gigawatt hours (GWh ) plant in the state and will begin work next year, he explained.
Company CEO Shailesh Upreti, V-P Kuldeep Gupta and a senior management team of Darryl Wood, Natasha Chernova, and Tony Gonzalez were present, along with Karnataka Additional Chief Secretary Rajkumar Khatri, Industries Commissioner Gunjan Krishna and others.
"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.
He added that the cooperation required by this sector is already being provided by the state government.
“The more a major company invests in the state, the more companies will be able to invest in the state. At this juncture, our government has promised to provide all the kind of cooperation needed for the establishment of industries in the state”, Shettar said.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Teja Lele