Karnataka Authorities Indicators MoU With IBC to Set Up Rs. 8,000 Crore Recyclable Lithium-Ion Battery Plant

The Karnataka authorities and US-based International Battery Company (IBC) on Tuesday signed a memorandum of understanding (MoU) to arrange a recyclable Lithium-ion battery manufacturing unit at an outlay of Rs 8,000 crores (USD 1 BN) within the state.

IBC India, President Venkatesh Valluri, and Principal Secretary for Department of Commerce and Industries Dr. Selvakumar signed and exchanged the MoU within the presence of Large and Medium Industries Minister M B Patil.

Speaking on the event, Patil mentioned the corporate will set up the unit on a 100-acre parcel of land within the Bengaluru Rural district.

“After the realisation 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,” he famous.

Dr. Priyadarshi Panda, Founder and CEO, IBC said that the pilot plant in Korea is on the verge of completion and the primary set of check batteries was able to be examined by the potential clients of the corporate.

The IBC staff defined the significance of recyclable batteries and emphasised the necessity for organising “dry rooms and clean rooms” for high-quality manufacturing of batteries.

Sasi Kuppannagari, Co-Founder and COO, of IBC, and Commissioner for Department of Commerce & Industries Gunjan Krishna have been current.