US-based International Battery Company (IBC) has proposed a recyclable Lithium-ion battery manufacturing unit in Karnataka – a state in the southwestern region of India -with an investment of Rs 8000 crore ($ 1 billion).
Venkatesh Valluri, IBC India President and S Selvakumar, Principal Secretary at the Industries department signed an MoU in the presence of Industries Minister MB Patil. The minister said that the company will set up the unit on a 100-acre plot in Bengaluru Rural district.
IBC founder and CEO Priyadarshi Panda said the pilot plant in Korea was on the verge of completion and the first set of test batteries was ready to be tested by the potential customers of the company.
The IBC team explained the importance of recyclable batteries and underscored the importance of setting up dry rooms and clean rooms for high-quality production of batteries. Once the project is commissioned, Karnataka would have its second Lithium-ion battery manufacturing facility and become the front-runner in the sector, Patil said.
IBC Chief Operating Officer Sasi Kuppannagari and Industries Commissioner Gunjan Krishna were present during the MoU signing event.