US-based IBC Enter into MoU Karnataka to acquire 100 acres
Bengaluru, NFAPost: In a major development, the Karnataka government and US-based International Battery Company (IBC) signed a memorandum of understanding (MoU) on Tuesday to set up a recyclable Lithium-ion battery manufacturing unit with an investment of Rs 8000 crores ($1 Billion) in the state.
IBC India President Venkatesh Valluri and Principal Secretary for Department of Commerce and Industries Selvakumar signed and exchanged the MoU in the presence of Karnataka Industries Minister MB Patil.
Speaking on the occasion, Karnataka Industries Minister MB Patil who is keen on facilitating the emerging EV sector with a sustainable approach in the state said that the company will set up the unit on a 100-acre parcel of land in the Bengaluru Rural district.
“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 Li-ion battery manufacturing state in the country,” said Karnataka Industries Minister MB Patil.
IBC Founder and CEO Priyadarshi Panda stated that the pilot plant in Korea is on the verge of completion and the first set of test batteries is ready to be tested by the potential customers of the company.
Meanwhile, the IBC team explained the importance of recyclable batteries and emphasised the importance of setting up dry rooms and clean rooms for high-quality production of batteries
IBC Founder and COO Sasi Kuppannagari and Commissioner for Department of Commerce & Industries Gunjan Krishna were present.
