Delegates of the company holds talks with Karnataka Industries Minister M B Patil
Bengaluru: Representatives of the USA-based International Battery Company (IBC) which is considering setting up a proprietary lithium nickle manganese cobalt prismatic cell manufacturing industry in Karnataka by investing Rs 8000 crore met Karnataka Industries Minister M B Patil on Monday.
In a meeting convened at the Karnataka Udyog Mitra conference hall delegates of the company briefed the minister about the specifics of the company and discussed the steps forward.
The company plans to set up a non-captive gigafactory, involving a substantial investment of approximately Rs 8000 crore. The investment is across land, plant and machinery and building.
Speaking on the occasion, Karnataka Industries Minister M B 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.
“The company has asked the government to provide 100 acres of land at ITIR in Devanahalli. The decision on providing land and extending incentives will be taken after discussing with Chief Minister Siddaramaiah,” said Karnataka Industries Minister M B Patil.
IBC India Pvt. Ltd President Venkatesh Valluri 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 totaling around 1.5 gigawatts capacity in the country and there is a huge gap between the demand and the supply. If the proposed plant is set up the state will get about Rs 12,300 crores in the form of taxes in the next 20 years,” said IBC India Pvt. Ltd President Venkatesh Valluri.
He also stated that the founders of IBC are of Indian origin and are highly qualified in top institutions.
IBC Cofounder Priyadarshi Panda and Sasi Kuppannagari virtually attended the meeting. S.Selvakumar, Principal Secretary, Department of Industries, and Gunjan Krishna, Commissioner, Department of Commerce and Industries were among those present at the meeting.
