Nidec Corporation Funnels ₹600 crore in Hubli-Dharwad

Nidec Corporation of Japan has injected an extra Rs 150 crore into the Hubli-Dharwad Industrial Area. Minister MB Patil stated that the investment will lead to the expansion of the manufacturing facility.

Minister MB Patil made this decision during a meeting with Nidec Motion and Energy Chairman Michael Briggs on Thursday. Nidec Motion and Energy firm had previously made an investment of Rs 450 crore in the state. After Minister MB Patil's visit to Japan, the company has stepped up to provide more capital for investment.

"This new investment is a reflection of Nidec Motion and Energy's confidence in the state's industrial promotion measures. The work on this project will be completed by March 2025 and will be commissioned by October. The expansion of this project is expected to create 800 job opportunities in the state," said the Minister of Large and Medium Industries.

The meeting also talked about potential technical ways to store extra electricity in the state with the help of Nidec Motion and Energy, a company with knowledge and background in energy storage. The technology for storing electricity in chemicals is currently being utilized in European nations. There was also an exploration of the potential for implementation in the state of Karnataka.

Nidec Motion and Energy Company has been directed to have a comprehensive discussion with Energy Department officials on this matter. Officials have been recommended to arrange the visit of the Energy Minister. Minister MB Patil mentioned that efforts have been made to explore the feasibility of introducing this technology, which is already being used in other countries, in the state as well.