Biswanath Patnaik, a UK-based Odia investor, and entrepreneur Arun Kar have expressed interest in establishing an EV-Hydrogen truck and industrial heavy vehicle production facility in Odisha. They intend to spend Rs 500 crore on the project through their FINNEST business, which concentrates on innovative ideas in clean and green energy, sustainable environmental solutions, finance, and other areas.
According to Arun Kar, head of FINNEST, the EV-Hydrogen truck production facility would be the first of its kind in the nation, concentrating on making large vehicles fueled by both hydrogen fuel cells and battery electric.
“The trucks would use a globally 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 factory would have a capacity of 3,000
vehicles per year and would directly hire over 500 people while also supporting ancillary businesses.”More than 80 percent of the workers will be from Odisha, which has no dearth of qualified manpower. “The youth will be trained to be trendsetters in the EV manufacturing industry,” he added.
The plan will be presented to the Odisha administration by the FINNEST directors. The firm intends to launch the first vehicle in 2026-27.”Our business FINNEST is eagerly looking forward to being part of the development narrative of Odisha, under the visionary leadership of Chief Minister Naveen Patnaik. “With the potential support of the state government, we will invest in energy, health care, infrastructure projects, and fintech, which will create thousands of jobs and propel Odisha’s development,” Patnaik said.
In addition, the business intends to establish a Bio Bag production facility, which will create bio-degradable carry bags to substitute single-use plastic. The company plans to spend Rs 100 crore on the initiative.”Our product employs a novel technique that is the subject of a patent application. It substitutes cassava plant flour for maize starch. This allows for quicker biodegradability. “The bag is extremely durable, but it also completely dissolves in water at 80 degrees,” Kar said.
