EV Investments In K’taka Pegged At INR 25K Cr, An Additional 15K Cr To Fuel R&D: Minister

Karnataka has attracted investments worth INR 25,000 Cr across the entire value chain of the electric vehicle (EV) sector, the state’s large and medium industries minister M B Patil, said.

As per a PTI report, the minister said these investments encompass battery pack and cell manufacturing, component production, original equipment manufacturing (OEMs), charging, and testing infrastructure.

Patil added that an additional investment of INR 15,000 Cr is expected to flow towards research and development in the EV sector. The minister was speaking at the launch of the EV mobility centre of excellence and innovation at JSS Academy of Technical Education, Bengaluru (JSSATE-B).

He said that the development of the overall auto and EV ecosystem in Karnataka will create significant employment opportunities. 

“To ensure a skilled workforce, we have proactively partnered with leading companies such as Tata Technologies and Siemens,” Patil was quoted as saying.

Talking about the EV mobility centre, the minister said it would serve as a hub for training, research, and innovation in the EV domain, preparing graduates for entrepreneurship, enhancing workforce skills, promoting globally relevant technology, fostering collaborative partnerships, and offering incubation and skill development.

Meanwhile, he also informed that Karnataka has registered around 2 Lakh EVs, the third highest in the country. As per Patil, Karnataka is home to over seven auto OEMs, more than 50 auto component manufacturers, and over 45 EV startups.

It must be noted that two of the largest two-wheeler manufacturers – Ola Electric and Ather Energy – are housed in the state, along with several others like Ultraviolette Automotive, River, and Altigreen. 

Besides, the number of battery and charging players is also increasing, with the likes of Exponent Energy, EMO Energy, Electric Pe, and Bolt.Earth also operating from Bengaluru.

In 2017, Karnataka became the first Indian state to roll out an EV policy.

The development comes at a time when a number of global companies are also looking to set up manufacturing plants in India to get a share of the fast-growing EV market of the country. The likes of Tesla, Vin Fast and Acer plan to set up plants in the country to produce EVs.