Battery maker IBC mulling ₹8,000 cr investment in Karnataka, to set up lithium cell plant

The company plans to set up a non-captive gigafactory involving a substantial investment of approximately ₹8,000 crore.

Published on: Jun 20, 2023, 09:46:06 IST

PTIPosted by Yamini C S

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Representatives of battery maker International Battery Company (IBC), which is considering setting up a proprietary Lithium Nickel Manganese Cobalt prismatic cell manufacturing industry in Karnataka by investing ₹8,000 crore, on Monday called on large and medium industries minister M B Patil.

Representatives of battery maker International Battery Company (IBC) on Monday called on large and medium industries minister M B Patil.

The delegates briefed the minister about the specifics of the company and discussed the steps forward, a statement issued by the minister’s office said. The company plans to set up a non-captive gigafactory involving a substantial investment of approximately ₹8,000 crore. The investment will be made on land, plant and machinery and building, it added.

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A gigafactory is a generic term that describes a facility in which equipment, parts and other products related to electrification and decarbonisation technologies are manufactured. "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.

The company has asked the government to provide 100 acres of land at the Information Technology Investment Region (ITIR) at Devanahalli on the outskirts of Bengaluru. The decision on providing land and extending incentives will be taken after discussing with Chief Minister Siddaramaiah," Patil was quoted as saying.

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Venkatesh Valluri, President, IBC India said that India will need lithium cell batteries in the range of about 150 gigawatts of capacity by 2030. Currently, there is a production of lithium cells totalling around 1.5 gigawatts capacity in the country and there is a huge gap between the demand and supply. If the proposed plant is set up, the state will get about ₹12,300 crore in the form of taxes in the next 20 years, he explained. Valluri said the founders of IBC are of Indian origin who are highly qualified and graduated from top institutions.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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