MoU for Rs 8,000 cr recyclable Lithium-ion battery plant signed between Karnataka and US-based IBC
Ten News Network
2nd August 2023: The Karnataka government and the US-based International Battery Company (IBC) signed a Memorandum of Understanding (MoU) to develop a recyclable Lithium-ion battery manufacturing factory with a Rs 8,000 crore investment on Monday, August 1.
The proposed facility will be built on a 100-acre plot of land in Bengaluru’s rural area. In the presence of MB Patil, the state’s Minister for Large and Medium Industries, the MoU was signed and exchanged between Venkatesh Valluri, President of IBC India Pvt Ltd, and Dr. Selvakumar, Principal Secretary of the Department of Commerce and Industries.
Dr Priyadarshi Panda, Founder and CEO of IBC, stated that the pilot plant in Korea is nearly finished, with the first set of test batteries available for testing by potential customers.
Patil stated, “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.”
Sasi Kuppannagari, Founder and COO of IBC, and Gunjan Krishna, Commissioner of the Department of Commerce and Industries, were also in attendance during the signing of the memorandum.
