K’taka Govt Partners With IBC For Rs 8000 Cr Recyclable Lithium-ion Battery Unit
The Karnataka government has signed a memorandum of understanding (MoU) with the US-based International Battery Company (IBC) to establish a state-of-the-art recyclable Lithium-ion battery manufacturing unit.
The project, which involves an investment of Rs. 8000 crores (USD 1 billion), will look to bolster the EV ecosystem in the state and promote sustainable energy solutions.
The MoU signing ceremony took place at the Karnataka State Secretariat, witnessed by government officials, industry leaders, and representatives from IBC. The agreement was signed and exchanged by IBC India Pvt. Ltd. President, Venkatesh Valluri, and Dr Selvakumar, the Principal Secretary for the Department of Commerce and Industries.
Speaking at the event, Large and Medium Industries Minister MB Patil expressed his commitment to supporting the emerging EV sector with a focus on environmental sustainability. The proposed unit will be located on a sprawling 100-acre parcel of land in the Bengaluru Rural district.
IBC's Founder and CEO, Dr Priyadarshi Panda, shared exciting news about the company's progress, stating that the pilot plant in Korea is nearing completion. The first set of test batteries is now ready for evaluation by potential customers, showcasing the company's dedication to developing cutting-edge battery technology.
At the ceremony, the IBC team emphasised the significance of recyclable batteries and stressed the importance of establishing state-of-the-art dry rooms and clean rooms to ensure the highest standards in battery production. Such measures would not only enhance the quality of the batteries but also contribute to the environment by promoting recycling and reducing electronic waste.
Minister MB Patil hailed the collaboration as a transformative step towards reinforcing Karnataka's position in the green energy sector. "With the realisation of this project, the state will gain its second Lithium-ion battery manufacturing facility, placing us at the forefront of Li-ion battery production in the country," he remarked.
