The Karnataka government and US-based International Battery Corporation (IBC) on Tuesday signed a memorandum of understanding (MoU) to set up a recyclable lithium-ion battery manufacturing plant in the state at a cost of Rs 8,000 crore ($1 billion).
The MoU was signed and exchanged by Venkatesh Valluri, President, IBC India, and Dr. Selvakumar, Principal Secretary, Ministry of Commerce and Industry, in the presence of Large and Medium Industries Minister MB Patil.
Addressing the meeting, Patil said the company will set up the unit on a 100-acre land in rural Bengaluru.
“Once the project is realized, the state will have its second lithium-ion battery manufacturing plant, paving the way to become the leading lithium-ion battery manufacturing state in the country,” he noted.
IBC founder and CEO Dr. Priyadarshi Panda said the pilot factory in South Korea is nearing completion and the first set of test cells is ready for testing by the company’s potential customers.
The IBC team explained the importance of recyclable batteries and emphasized the need to set up “dry rooms and clean rooms” to produce batteries with high quality.
Sasi Kuppannagari, co-founder and chief operating officer of IBC, and Gunjan Krishna, commissioner of the Ministry of Commerce and Industry were present.
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