Balu Forge Industries on Tuesday said it has signed a pact with the Karnataka government for setting up a new manufacturing campus at a project cost of Rs 200 crore in Belagavi.
“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 Belagavi, Karnataka,” Balu Forge Industries said in a regulatory filing.
The project timeline is for a period of three years with a planned capital outlay of Rs 200 crore.
Balu had a humble beginning in the year 1990, in Belagavi.
The initial set up was for manufacturing of crankshafts for single cylinder & two cylinder with a limited workforce. Within the last decade the company is supplying to OEM companies and the aftermarket presence has since expanded to over 80 countries.
In 1990, Balu India was the first company in India to mass-produce Crankshafts suitable for Tractor, Trucks and Passenger car applications. Two decades later Balu has gained an excellent reputation in the world market.
The R&D and Innovation Campus in Belagavi will spearhead the strategy laid down to build advance defence systems & solutions.
Balu Forge Industries said the inception of the new manufacturing campus will be undertaken under the guidance of Gunjan Krishna, IAS, Commissioner, Industrial Development and CEO, Invest Karnataka Forum and with the support of the Government of Karnataka.
As per Balu Forge Industries the new facility will not only act as a manufacturing centre but will also be setup as a technology and innovation campus with a strong focus on integrated defence research and production, cylindrical cell production for electric vehicles, components suitable for new energy vehicle drivetrains and powertrains and spent battery recycling.
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.
In 2018 the foundation stone was laid for a Machining Plant Land Area: 25 Acres Full Fledged Built up Land approximately 500,000 Square Feet with Machinery at the Kakti Industrial Area.