Karnataka expects Rs 15,000 crore new investment in electric vehicle segment: Industry Minister

PTI, Oct 18, 2023, 5:04 PM IST

Karnataka being at the forefront to foster the growth of the Electric Vehicle sector has successfully attracted investments of Rs 25,000 crore, spanning the entire value chain, Large and Medium Industries Minister M B Patil said on Wednesday.

He further said an additional investment of Rs 15,000 crore is expected to flow towards research and development in the sector.

The Minister earlier inaugurated the Electric Vehicle Mobility Centre of Excellence & Innovation set up at JSS Academy of Technical Education, Bengaluru campus (JSSATE-B), here.

Patil said the Rs 25,000 crore investment encompasses battery pack and cell manufacturing, component production, original equipment manufacturing (OEMs), and charging and testing infrastructure. Karnataka has registered around two lakh EVs in the State, making it the third highest in the country, he said, adding, the state is home to 7-plus auto OEMs, 50-plus auto component manufacturers, and 45-plus EV startups.

The Minister said the development of the overall Auto/ EV ecosystem in Karnataka is poised to bring about significant employment opportunities. ”To ensure a skilled workforce, we have proactively partnered with leading companies such as Tata Technologies and Siemens.” ”This Centre of Excellence & Innovation for Electric Vehicle Mobility at JSS Academy of Technical Education, is strategically positioned to play a critical role in achieving our modern transportation goals,” he said.

It would serve as a hub for training, research, and innovation in the EV domain, enhancing workforce skills, preparing graduates for entrepreneurship, promoting globally relevant technology, fostering collaborative partnerships, and offering incubation and skill development, Patil added.