Lithium cell production: IBC company willing to invest Rs 8,000 crore in the state

BENGALURU: International Battery Company (IBC), which is known for manufacturing lithium cells required for electric vehicles, has invested Rs 8,000 crore in the state. In this regard, Large and Medium Industries Minister M B Patil held a preliminary round of talks with top representatives of the company on Monday, which showed interest in investing.

Speaking on the occasion, he said, "The field of electric vehicles is becoming popular day by day. But we do not have production of lithium cells. We welcome that the IBC company has come forward in this regard. The company has asked for 100 acres of land in ITIR Park near Devanahalli. I will check the provision of the facilities requested by the company and discuss in detail with Chief Minister Siddaramaiah."

Necessary assistance will be provided to ensure that the IBC company is established in the state. In addition, possible incentives/incentives will be provided as per our industrial policy. Overall, more investment and employment should be created in the state. He assured the company delegation that appropriate measures would be taken.

IBC Chairman Venkatesh Valluri said, "India needs 150 gigawatts of lithium cells by 2030. But currently only 1.5 gigawatt capacity is being produced in the country and there is a huge gap between demand and supply. There will be huge demand for this sector in the coming days and we currently have an investment proposal of 8,000 crores. In the next 20 years, the state will get more than Rs 12,300 crore profit in the form of tax," he explained to the minister.

All the founders of IBC Company are Indian geniuses educated in higher educational institutions of India. If the company's manufacturing unit comes up in the state, thousands of jobs will also be created and will contribute significantly to economic growth. South Korean technicians will also work with us and Karnataka will ultimately benefit from this, he asserted.