The Karnataka government has approved investments of ₹22,419 crore of three different proposals involving electric vehicle (EV) and lithium-ion battery manufacturing that have the potential to create nearly 5,000 new jobs.
Two proposals of Elest Private Limited of ₹14,255 crore and ₹6,339 crore of Elest Pvt Ltd and ₹1,825 crore project by Hyunet Private Limited were cleared by the chief minister -led State High Level Clearance Committee (SHLCC).
Karnataka has been proactively approving new investments into the state to help ease its deeply distressed economic condition. The state is also trying to get more investments into renewable and sustainable energy related projects and build Karnataka as an EV hub and has also launched a policy to this effect.
