Secured Rs 88,150 cr investment for Li-Ion battery manufacturing, Karnataka CM

Karnataka has attracted a total investment of Rs 88,150 crore during the fiscal year 2023-2024 predominantly for the growing lithium-ion battery manufacturing as well as for sectors like Electronic System Design and Manufacturing (ESDM), automobile and data centres, Karnataka Chief Minister Siddaramaiah said while presenting the state budget.

“Karnataka Government has succeeded in attracting investment of Rs. 88,150 crore in the year 2023-24. This investment is predominantly in sectors related to production of Lithium-Ion batteries for electric vehicles, Electronic System Design and Manufacturing (ESDM), automobile, data centres etc,” the CM said.

Karnataka has been at the forefront of developing lithium-ion battery manufacturing.

US-based IBC signed an agreement with the Karnataka government to set up a recyclable lithium-ion battery manufacturing unit with a total investment of Rs 8,000 crore.

Battery maker Exide has also proposed its first multi-gigawatt-hour lithium-ion cell manufacturing facility in Bengaluru.

In a boost to the electric vehicle ecosystem, the Karnataka government has proposed to set up nearly 2,500 EV charging stations across the state under a public-private partnership model, CM Siddaramaiah said in his Budget speech on February 16.

“To encourage electric vehicles in the state, 2,500 Electric Vehicle Charging Stations will be set up under public-private Partnership,” he added.

Apart from EV charging stations, the government has also proposed to invest Rs 35 crore to set up 100 charging centres in partnership with power supply companies.

With the new investment, the state is also planning to institute a new Knowledge and Health Care, Innovation and Research City (KHIR) on 2000 acres near Bengaluru.

“The new KHIR City will attract an investment of Rs.40,000 crore and provide employment to about 80,000 people,” Siddaramaiah said in his budget speech.

The CM said that the Global Investors Meet will be organised in February 2025 to further attract investment. Moneycontrol