BHUBANESWAR: UK-based Odia investor Biswanath Patnaik and entrepreneur Arun Kar have evinced interest in setting up an EV-Hydrogen truck and commercial heavy vehicles manufacturing plant in Odisha.They have planned to invest Rs 500 crore in the project through their FINNEST company, which focuses on disruptive ideas in the field of clean and renewable energy, sustainable environmental solutions, fintech, etc.
The EV-Hydrogen truck manufacturing unit would be the first-of-its-kind in the country, focusing on producing heavy vehicles that would be powered by both hydrogen fuel cells and battery electric, said Arun Kar, director FINNEST.
“The trucks would use a global patented technology and create a new ecosystem in clean energy transportation. We have envisaged production of 7 tonne and 13 tonne capacity trucks and lorries that would serve the transportation and logistics sector,” Kar said.
The plant would have a capacity of producing 3,000 vehicles per year and provide direct employment to over 500 persons besides promoting ancillary industries.“More than 80 per cent of the workforce will be from Odisha, which has no shortage of skilled manpower. The youth will be trained to become trendsetters in EV manufacturing,” he added.
The director duo of FINNEST will soon approach the Odisha government with the proposal. The company has set a target of rolling out the first truck in 2026-27.“Our company FINNEST is keenly looking forward to be part of the growth story of Odisha, under the visionary leadership of Chief Minister Naveen Patnaik. With potential association of the state government, we will be investing in energy, health care, infrastructure projects and fintech, which will create huge employment opportunities and propel development of Odisha,” said Patnaik.
The company also plans to set up a Bio Bag manufacturing plant that will produce bio-degradable carry bags to replace single-use plastic. It would invest Rs 100 crore in the project.“Our product uses a unique technology which is under patent filing. It uses cassava plant starch against conventional corn starch. This ensures faster biodegradability. While being significantly durable, the bag also completely dissolves in water at 80 degrees,”Kar said.