IBC has formed a partnership, with the Karnataka government committing an investment of Rs 8,000 crore ($971.89 million) towards a battery manufacturing project covering 100 acres of land. This cutting-edge facility focuses on lithium-ion cells. Aims to commence production by 2025 with aspirations to expand capacity, up to 10 gigawatts by 2028.
International Battery Company (IBC) and the Karnataka government have inked a substantial investment deal valued at Rs 8,000 crore ($971.89 million) to establish a cutting-edge battery manufacturing facility. The state’s Minister for Commerce & Industries, Infrastructure, MB Patil, confirmed this significant development in a Tuesday evening social media post.
Patil’s post on X (formerly known as Twitter) marked a moment of pride for Karnataka, as he announced the collaborative Memorandum of Understanding (MOU) signing between IBC and the Government of Karnataka. This landmark investment will pave the way for an innovative Advanced Battery Manufacturing Facility sprawling across 100 acres within the state. The venture is poised to redefine the energy storage landscape.
Although the minister refrained from disclosing further details, media reports have shed light on the nature of the upcoming facility. The manufacturing plant is set to focus on lithium-ion cells and will be strategically located in close proximity to Bengaluru.
Karnataka’s Industries and Commerce Department commissioner, Gunjan Krishna, shared insights with the press, revealing that IBC aims to commence production by 2025. The company’s eligibility for financial incentives will come into play upon the commencement of production. IBC’s initial operations will be modest, with plans to gradually scale up capacity to 10 gigawatts by 2028, as outlined in the report.
In a parallel development, the minister disclosed that Foxconn Industrial Internet (FII) has put forth a proposal for an Rs 8,800 crore investment in Karnataka. This initiative is geared towards establishing a manufacturing plant that promises to generate over 14,000 job opportunities. Chief Minister Siddaramaiah engaged with FII’s CEO, Brand Cheng, and the FII team in July, underscoring the state’s commitment to extending complete support. The manufacturing unit is envisaged to occupy a portion of the 100-acre land within the Japanese industrial Park near Tumakuru. Notably, Foxconn already operates an iPhone assembly plant in Chennai, Tamil Nadu.
