Investor Biswanath Patnaik from Odisha and businessman Arun Kar from Odisha have expressed interest in establishing a manufacturing facility for commercial heavy vehicles and EV-Hydrogen trucks in Odisha.
A brief about UK-based Odia Investors Are planning an EV-Hydrogen Truck Plant setup in Odisha
With their FINNEST company, which focuses on innovative concepts in the areas of clean and renewable energy, sustainable environmental solutions, fintech, etc., they have planned to invest Rs 500 crore in the project.
According to Arun Kar, director of FINNEST, the EV-Hydrogen truck manufacturing facility would be the first of its type in the nation and would be focused on creating large vehicles that would be driven by both hydrogen fuel cells and battery electric.
“The trucks would make use of an internationally patented technology and establish a new clean energy transportation ecosystem. We want to produce vehicles and lorries with capacities of 7 and 13 tonnes for the logistics and transportation industries, according to Kar.
The plant would have a 3,000 vehicle annual production capability, employ more than 500 people directly, and support related industries.
“Odisha, which doesn’t lack for skilled labour, will provide more than 80% of the workforce. Youth will receive training to become trend-setters in the EV manufacturing industry, he continued.
The directors of FINNEST will soon make their recommendation to the government of Odisha. The first vehicle is expected to be released by the corporation in 2026 or 2027. “Under the inspiring leadership of Chief Minister Naveen Patnaik, our company, FINNEST, is eager to be a part of the growth story of Odisha. We will invest in energy, health care, infrastructure projects, fintech, and other areas with potential support from the state government, which would greatly increase employment possibilities and advance Odisha’s growth, added Patnaik.
Also, the business intends to build a Bio Bag manufacturing facility to provide biodegradable carry bags in place of single-use plastic. It would contribute Rs 100 crore to the endeavour. “Our product makes use of a special technology that is being patented. In place of ordinary corn starch, it employs starch from the cassava plant. Faster biodegradability is ensured by this. The bag is not only remarkably resilient, but it also totally dissolves in water at 80 degrees, according to Kar.