BFIL to receive capital outlay of Rs 200 crore for manufacturing facility in Belgaum

Balu Forge Industries Ltd (BFIL), a crankshafts manufacturing company announced today that it has entered into a memorandum of understanding (MoU) with Government of Karnataka for the construction of a manufacturing facility in Belgaum (Karnataka).  

This new facility will be established under the guidance of Gunjan Krishna, who is an IAS Commissioner and also, CEO of Invest Karnataka Forum with the support of Government of Karnataka.

The facility will be spread over 25 acres (over 1,00,000 m²) and will be utilised for various other purposes such as technology & innovation campus with an enhanced focus on integrated defense research & production, cylindrical cell production for electric vehicles, components befitting new energy vehicle drivetrains & powertrains, spent battery recycling.   

The facility will also comprise dedicated research and development (R&D) centre, which will be spread over 4,000 m² and have an enhanced focus on a number of key areas such as the development of new materials, fuel cell development, energy storage solutions, alternate biofuels, etc. This R&D centre will act as the main pillar of the company's new direction. Along with this, it will also comprise the R&D division of Naya Energy.  

This project has a timeline of three years, starting from FY21/22 and will have a planned capital outlay of Rs 200 crore. The company plans to make an addition of a minimum of 1,000 personnel to its team for this new project.  

At 12.54 pm, the share price of Balu Forge Industries Ltd was trading at Rs 240.70, a decrease of 0.74 per cent over its previous day’s closing price of Rs 242.50 on BSE.