From Our Special Correspondent
Daijworld Media Network

Bengaluru, Jun 19: USA-based International Battery Company (IBC) which is considering setting up a proprietary Lithium Nickle Manganese Cobalt prismatic cell manufacturing plant in Karnataka by investing Rs 8000 crore.

Representatives of IBC called on Industry Minister M B Patil in Bengaluru on Monday and discussed with him the company’s plans for major investment in the State.

In a meeting convened at the KUM conference hall in KhanijaBhavana 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, the Minister, "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, Patil said.

Venkatesh Valluri, President, IBC India Pvt. Ltd said India will need lithium cell batteries in the range of about 150 gigawatts of capacity by 2030.

Further, he explained, "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 the supply. If the proposed plant is set up the state will get about Rs 12,300 crore in the form of taxes in the next 20 years."

He also stated that the founders of IBC are of Indian origin and are highly qualified in top institutions.

IBC Co-founder Priyadarshi Panda and SasiKuppannagari of IBC virtually attended the meeting. SSelvakumar, Principal Secretary, Department of Industries, and Gunjan Krishna, Commissioner, Department of Commerce and Industries were among those present.