Exide to invest Rs.6000 cr. to set up lithium-ion cell manufacturing giga factory in Karnataka
India's leading battery maker, Exide Industries on Thursday announced it will be investing INR 6000 crore in the southern state of Karnataka for setting up a lithium-ion battery manufacturing plant in the State.
The announcement followed after Subir Chakraborty, MD & CEO, Exide Industries met with the State Chief Minister, Basavaraj Bommai on Thursday.
"Exide Industries MD & CEO, Subir Chakraborty, met with Chief Minister (Basavaraj Bommai) this morning for INR 6,000 crore investment in a lithium-ion cell manufacturing giga factory," Department for Industries and Commerce said in a statement.
Stating that this will be one of the country's largest giga factories for advanced cell chemistry technology, the statement read that Exide has requested 80 acres of land in the Haraluru Industrial Area near Bengaluru airport.
Shortly after the announcement, Dr. Murugesh R Nirani, the Minister for Large and Medium-scale Industries, Govt of Karnataka tweeted: "Exide has announced an investment of INR 6000 crores in K'taka. This will significantly amplify our industrial growth."
The latest project is estimated to generate 1,200 -1,400 employment opportunities in the State.
On Thursday, the Karnataka Cabinet also cleared the Karnataka Renewable Energy Policy (2022-27) that envisages developing the State as a hub of renewable energy generation as well as manufacturing of equipment related to renewable energy.