SUMMARY
Representatives of the US-based company met Karnataka’s Industries Minister and sought 100 acres of land on the outskirts of Bengaluru to set up the plant
International Battery Company plans to invest INR 8,000 Cr to set up a non-captive gigafactory for producing lithium nickel manganese cobalt prismatic cells
A final decision on providing incentives to IBC and its request will be taken by Chief Minister Siddaramaiah, Patil said
Representatives of the US-based International Battery Company (IBC) reportedly met Karnataka’s Industries Minister MB Patil earlier this week to discuss the steps for its plans to set up a battery manufacturing plant with an investment of INR 8,000 Cr.
During the meeting, the company requested the Karnataka government to provide 100 acres of land at the Information Technology Investment Region (ITIR) on the outskirts of Bengaluru, news agency PTI reported.
The battery manufacturer plans to set up a non-captive gigafactory for producing lithium nickel manganese cobalt prismatic cells in the state.
Commenting on the rising need for batteries, Patil said, “Given the scope for growth of the electric vehicle sector in the country, there is a need to scale up the lithium cell battery production.”
He added that a final decision on IBC’s request and providing incentives for the project will be taken by Chief Minister Siddaramaiah.
According to Venkatesh Valluri, president of IBC India, India’s demand for lithium cell batteries is projected to reach approximately 150 gigawatts by 2030. However, the country’s current manufacturing capacity is approximately 1.5 gigawatts, indicating a significant disparity between demand and supply.
It must be noted that India currently imports 1,200 tonnes of lithium every year. Earlier this year, Roads Transport and Highways Minister Nitin Gadkari said that the recently unearthed lithium deposits in Jammu and Kashmir can make India the top EV manufacturer in the world.
With the rising number of EVs in India, the battery manufacturing space is seeing a lot of activity in the country. Earlier this year, Ola Electric announced INR 7,600 Cr investment to set up manufacturing facilities in Tamil Nadu over the next five years for batteries, electric vehicles (EVs), and EV components.
Earlier this year, EV giant Tesla’s officials also visited India to hold talks about setting up a battery manufacturing plant in India. Earlier today, Tesla owner Elon Musk met PM Narendra Modi. After the meeting, he said, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”
