Credit: Special Arrangement
Bengaluru: Karnataka’s Minister for Large and Medium Industries M B Patil on Wednesday announced the commencement of Rs 390 crore project by International Battery Company (IBC), a manufacturer of lithium-ion batteries for electric two-wheelers and three wheelers.
The company is set to begin production at its giga factory unit in Bengaluru in the next nine months and is estimated to generate 300 direct employment opportunities, Patil said. This unit will be established in collaboration with Mahanagar Gas Ltd. at the Karnataka Industrial Areas Development Board (KIADB) plot in the Information Technology Investment Region (ITIR), near the city’s airport.
Speaking at the event, Patil highlighted that the unit aims to export 20% of its production to United States and European Union (EU) markets. Presently, IBC produces lithium-ion cells at a 35,000-square-foot facility in South Korea, which are then brought to India to make the finished product.
The first phase of investment at the facility will manufacture the first-ever local lithium-ion cells in India, which will later be used to produce battery packs designed for small mobility solutions. “The company plans to subsequently expand its focus to larger mobility applications. This venture will boost Karnataka’s economy and reduce dependency on imports from China,” Patil added.
It may be recalled that Mahanagar Gas Ltd (MGL) and International Battery Company, Inc. (IBC US) had signed an agreement to establish a joint venture (JV) earlier in November.