US-based IBC to set up $1 bn lithium-ion battery manufactory in Karnataka
In a major development, the Karnataka government and US-based International Battery Company (IBC) signed a memorandum of understanding (MoU) on Tuesday (August 1) to set up a recyclable lithium-ion battery manufacturing unit with an investment of US$1 billion (Rs. 8000 crore) in the state.
IBC India President Venkatesh Valluri and Principal Secretary for Department of Commerce and Industries Dr Selvakumar signed and exchanged the MoU in Bengaluru in the presence of Large and Medium Industries Minister MB Patil.
Speaking on the occasion, Industries Minister Patil, who is keen on facilitating the emerging EV sector with a sustainable approach in the state, said that the company will set up the unit on a 100-acre parcel of land in the Bengaluru Rural district.
Priyadarshi Panda, founder and CEO of IBC, stated that the pilot plant in Korea is on the verge of completion and the first set of test batteries is ready to be tested by the potential customers of the company.
Meanwhile, the IBC team explained the importance of recyclable batteries and emphasised the importance of setting up dry and clean rooms for high-quality production of batteries. “After the realisation of the project, the state would have its second lithium-ion battery manufacturing facility paving the way for becoming the frontrunner as Li-ion battery manufacturing state in the country,” Patil said.
Sasi Kuppannagari, founder and COO of IBC, and Commissioner for Department of Commerce and Industries Smt. Gunjan Krishna were present on the occasion.
(With agency inputs)