IBC to set up recyclable lithium-ion battery manufacturing unit in Karnataka
US-based International Battery Company (IBC) has signed an investment pact with the Government of Karnataka to build a recyclable lithium-ion battery manufacturing facility with an outlay of Rs. 8000 crore.
Venkatesh Valluri, President, IBC India Pvt. Ltd. and Dr Selvakumar, Principal Secretary of the Department of Commerce and Industries signed and exchanged the MoU in the presence of Large and Medium Industries Minister for the State, M B Patil on Tuesday (August 1).
"Proud moment for Karnataka as IBC and the Government of Karnataka join hands with an MoU signing for a groundbreaking investment of Rs. 8,000 Cr to establish a cutting-edge advanced battery manufacturing facility," Patil tweeted on Tuesday (August 1). "Spanning across a sprawling 100 acres in the state, this venture promises to revolutionize the energy storage landscape."
"After realization of the project the state would have its second lithium-ion battery manufacturing facility paving the way for becoming the front-runner as a Li-ion battery manufacturing state in the country," Patil added.
At present, IBC's pilot plant in Korea is on the verge of completion and the first set of test batteries are ready to be tested by the potential customers of the company, reports stated.
Speaking about the significance of recyclable batteries, IBC's visiting team underscored the need to set up dry rooms and clean rooms for high-quality production of batteries.
Earlier in June, IBC had expressed interest in making massive investments in the state of Karnataka and showcased their recyclable technology to high-ranking officials in the state and concerned ministries.