Karnataka: IBC invests Rs 8000 crore for advanced battery manufacturing

International Battery Company (IBC) builds proprietary I-NMC (Nickel Manganese Cobalt) Prismatic cells that will reduce battery complexity as they have 40% higher energy density than LFP (Lithium Iron Phosphate) cells and are recyclable. It has signed an investment pact with the government of Karnataka to establish a recyclable Lithium-ion battery manufacturing unit. This pact is worth 971.89 million dollars or in other words the pact is worth Rs 8000 crore. Minister for Commerce & Industries, Infrastructure, MB Patil for the state of Karnataka took to twitter to update the citizens of Karnataka about this development on Tuesday evening. A facility that spreads across 100 acres has been allocated for the business establishment in the Bengaluru rural district. 

Proud moment for Karnataka as IBC and the Government of Karnataka join hands with an MOU signing for a groundbreaking investment of Rs. 8,000 Cr to establish a cutting-edge Advanced Battery Manufacturing Facility.

Spanning across a sprawling 100 acres in the state, this venture… pic.twitter.com/xncKXta61i

— M B Patil (@MBPatil) August 1, 2023

“Proud moment for Karnataka. This venture promises to revolutionise the energy storage landscape,” he tweeted. This would be the 2nd Lithium ion battery manufacturing facility in the state. Elest Private Limited had invested Rs 7476 crores in the year 2021 after their proposal was approved by the State High Level Clearance Committee (SHLCC) instated by former chief minister B.S Yediyurappa for the manufacturing of Lithium ion cells and batteries. MB Patil put forward his vision to make Karnataka the pioneer in lithium ion battery manufacturing. Dr. Priyadarshi Panda, Founder and CEO of IBC said that the first set of test batteries are ready for testing by customers.