Italy MIR Group Invests ₹1,500 Crore in Mangaluru for Green Building Materials by 2027

Italy's MIR Group will invest ₹1,500 crore in Mangaluru, creating a new factory for green building materials. This is a big step for local jobs and eco-friendly building.
By Newsroom | Business, India |

A new manufacturing facility for energy-efficient building materials is planned for Mangaluru, India, following an Expression of Interest (EoI) signed between Italy's MIR Group and the Mangalore Special Economic Zone (MSEZ) Ltd. The proposed investment, stated to be around €20 million (approximately ₹1,500 crore), aims to establish a facility within the MSEZ over the next three years. This initiative focuses on producing materials such as Building Integrated Photovoltaic (BIPV) panels, thermal insulation, and sodium-ion batteries.

The agreement marks a move to bolster Mangaluru's manufacturing sector and its role in the growing global demand for sustainable construction solutions. Officials and local entrepreneurs view this development as a positive step for economic growth and the city's alignment with "Net Carbon Zero" goals. The project is contingent on securing necessary regulatory approvals.

Italy’s MIR Group to invest € 20 million in Mangaluru - 1

Details of the Proposed Facility

The MIR Group's planned facility in Mangaluru will focus on manufacturing several key components for energy-efficient buildings:

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  • Building Integrated Photovoltaic (BIPV) panels: These panels are designed to generate energy while serving as part of the building's facade.

  • High-performance thermal insulation materials: Aimed at reducing the energy required for heating and cooling.

  • Prefabricated acoustic wall systems: For sustainable urban living.

  • Sodium-ion batteries: For safe and scalable energy storage solutions.

  • Insulated doors and windows: Contributing to overall energy efficiency.

The company anticipates producing approximately 250,000 square metres of these panels in the first year of operation. Some reports suggest an annual manufacturing capacity of around 1.5 million square metres of BIPV panels once fully operational. The facility is planned for a 10-acre plot within the Mangalore Special Economic Zone.

Italy’s MIR Group to invest € 20 million in Mangaluru - 2

Investment and Timeline

MIR Group intends to invest €20 million (reported as approximately ₹1,500 crore) in phases over the next three years. The foundation stone for the manufacturing unit is scheduled to be laid shortly.

"The company will set up its manufacturing unit in Mangalore Special Economic Zone Ltd (MSEZL) in the next three years." - Article 1

"MIR Group, a global leader in sustainable urban regeneration and energy-efficient construction, plans to invest Rs 1,500 crore in phases to set up the facility on a 10-acre plot within MSEZ, pending regulatory approvals, according to officials." - Article 4 & 7

Key Actors and Statements

Several individuals have been quoted in relation to the proposed investment:

  • Raffaele Marrazzo (CEO, MIR Group): He highlighted the summit's focus on innovative Net Carbon Zero materials, including BIPV façades, thermal insulation, acoustic walls, and sodium-ion batteries. He also serves as the CEO of MIR Group, Italy.

  • Sai Chandu (Sustainability Head, MIR Group): Stated the company's intention to invest the €20 million over three years to establish the plant at MSEZL.

  • Gaurav Hegde (Entrepreneur, Mangaluru): Emphasized the importance of a strong manufacturing foundation for Mangaluru and noted that MIR Group's initiative would help achieve this.

  • Nithin Shetty (Chartered Accountant, Mangaluru): Commented that Mangaluru is attracting companies from both the IT and manufacturing sectors.

  • V Suryanarayan (CEO, Mangalore SEZ Ltd): Signed the Expression of Interest (EoI) with MIR Group.

"MIR acts as a catalyst, accelerating Net-Zero buildings and infrastructure from vision to execution, integrating technology, design, engineering and policy for scalable impact." - Nithin Shetty, as reported in Article 2.

Economic and Environmental Significance

The initiative is seen as a significant step towards enhancing Mangaluru's position in the global shift towards energy-efficient construction and green technologies. It is also expected to encourage local entrepreneurship and promote regional development.

  • The facility aims to cater to both domestic and international markets for sustainable building solutions.

  • The project is aligned with goals for Net Carbon Zero materials and building a long-term Net-Zero ecosystem in India.

Agreement Status

An Expression of Interest (EoI) has been signed between Mangalore SEZ Ltd and MIR Group. This signifies a preliminary agreement to proceed, with the establishment of the facility pending necessary regulatory approvals.

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Sources

Frequently Asked Questions

Q: What is Italy's MIR Group planning to do in Mangaluru?
Italy's MIR Group plans to invest about ₹1,500 crore to build a new factory in Mangaluru. This factory will make green building materials like solar panels and batteries. The company signed an agreement with Mangalore Special Economic Zone (MSEZ) for this project.
Q: How much money will MIR Group invest and when will the factory be ready?
MIR Group plans to invest €20 million (around ₹1,500 crore) over the next three years. The factory is expected to be built within the MSEZ in Mangaluru.
Q: What kind of green building materials will be made in Mangaluru?
The new factory will produce energy-efficient materials such as Building Integrated Photovoltaic (BIPV) panels, thermal insulation, sodium-ion batteries, and insulated doors and windows.
Q: What is the expected production capacity of the new factory?
The factory aims to produce about 250,000 square metres of panels in the first year. Once fully running, it could produce around 1.5 million square metres of BIPV panels each year.
Q: Why is this investment important for Mangaluru?
This investment is important because it will help Mangaluru's economy grow by creating jobs and boosting its manufacturing sector. It also helps the city move towards using more eco-friendly materials and reaching 'Net Carbon Zero' goals.