Karnataka Minister for Commerce & Industries, Infrastructure Corporation said in a post on Tuesday that International Battery Corporation (IBC) has signed an investment pact worth Rs 80 billion (USD 971.89 million) with the state to build a battery manufacturing facility.
As reported by Reuters, MB Patil further indicated that the manufacturing facility will be spread across 100 acres in the state, said in a post on the X social media platform.
Bloomberg News reported Tuesday that the company will manufacture lithium-ion cells at the facility.
According to a Bloomberg News report, IBC intends to commence production at the Karnataka facility by 2025. Gunjan Krishna, Commissioner of Karnataka Industries and Commerce Department, revealed that the private company has ambitious plans to scale up its capacity to 10 GW by 2028.
IBC had expressed interest in investing in battery production during a meeting with state government officials in June, as mentioned by Minister for Commerce & Industries, Infrastructure MB Patil in a previous post, Reuters noted.
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