In a significant development, the government of Karnataka and the US-based International Battery Company (IBC) have entered into an agreement. This memorandum of understanding (MoU) was formalized on August 1st, wherein both parties have committed to establish a facility for manufacturing recyclable lithium-ion batteries. The investment for this endeavor, amounting to $1 billion (approximately Rs. 8000 crore), will be made in the state.
The MoU was signed and exchanged by IBC India President Venkatesh Valluri and Dr. Selvakumar, Principal Secretary for the Department of Commerce and Industries. This signing event took place in Bengaluru, witnessed by Large and Medium Industries Minister MB Patil.
Minister Patil, who is dedicated to promoting the growth of the electric vehicle (EV) sector in a sustainable manner, expressed that the manufacturing unit will be located on a 100-acre piece of land in Bengaluru Rural district.
Priyadarshi Panda, the CEO of IBC, mentioned that the company’s pilot plant in Korea is nearing completion. The initial batch of test batteries is ready for evaluation by potential customers.
Furthermore, the IBC team underscored the significance of recyclable batteries and stressed the need for dedicated dry and clean rooms to ensure high-quality battery production. Minister Patil added that once the project is realized, the state will possess its second lithium-ion battery manufacturing facility, positioning it as a leading Li-ion battery manufacturing hub in the country.
Sasi Kuppannagari, COO of IBC, and Smt. Gunjan Krishna, Commissioner for the Department of Commerce and Industries, were also present during the event.
