Bengaluru, Aug 1 (IANS): Karnataka government and US-based International Battery Company (IBC) on Tuesday signed a Memorandum of Understanding (MoU) to set up a recyclable Lithium-ion battery manufacturing unit with an investment of Rs. 8,000 crores (USD 1 Bn) in the state.

IBC India Pvt. Ltd., President Venkatesh Valluri and Principal Secretary for Department of Commerce and Industries Selvakumar signed and exchanged the MoU in the presence of Large and Medium Industries Minister MB Patil.

Minister MB Patil said that the company will set up the unit on a 100-acre parcel of land in the Bengaluru Rural district.

Priyadarshi Panda, Founder and CEO, IBC 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.

“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,” Minister Patil said.

Sasi Kuppannagari, Founder and COO, IBC, and Commissioner for Department of Commerce and Industries Smt. Gunjan Krishna were present.