The Karnataka government has signed an investment pact worth INR 8,000 Crore ($971.89 million) with the International Battery Company (IBC) to establish a battery manufacturing facility. The state’s Minister for Commerce & Industries, Infrastructure, confirmed the development.
The manufacturing facility, which will produce lithium-ion cells, is set to be located near Bengaluru and will cover an area of 100 acres. According to Gunjan Krishna, the commissioner of Karnataka’s Industries and Commerce Department, IBC plans to commence production by 2025 and will be eligible for financial incentives once production begins.
IBC aims to start with a small production capacity and gradually increase it to 10 gigawatts by 2028.
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