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Global battery firm to build $1 billion Lithium-Ion unit in India

Aug 2, 2023

By: BlinkX Research Team

An international battery company is set to make a substantial investment of $1 billion in the establishment of a lithium-ion cell factory in Karnataka. Presently, the company is manufacturing preliminary batches of prismatic or rectangular cells in South Korea. In pursuit of this venture, the company will acquire 100 acres of land strategically located near Bangalore's technology hub.

The scheduled commencement of production is in 2025, with the company aiming to achieve an impressive capacity of 10 gigawatts by 2028. India's dedication to propelling the adoption of green vehicles has made it a lucrative destination for such investments. To further attract companies like this battery firm, the Karnataka government has streamlined processes, minimized red tape, and offered attractive subsidies to expedite investments.

The company's initiation of production will also render them eligible for financial incentives. Prismatic batteries have seen an upsurge in the automotive industry due to their dense packing, enabling automakers to reduce costs while aligning with the global shift towards sustainable transportation solutions. Despite traditional combustion-engine vehicles dominating personal transport in India, the country is actively seeking to hasten the transition to eco-friendly alternatives, with Karnataka leading the charge by fostering an environment conducive to quick decision-making and business growth.

Content source: Media reports