Himadri Specialty Chemical is planning to invest Rs 4,800 crore to begin producing parts for lithium-ion batteries.

The production of Lithium Iron Phosphate (LFP) Cathode Active Material, an essential component for electric vehicle (EV) batteries, will be the primary focus of the company's future plant in Odisha.

With this calculated action, Himadri establishes itself as the pioneer Indian company in this field.

The project will primarily be funded from internal accruals according to the top officials of the company.

“The company expects to be debt-free, cash positive by March,” said Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd addressing journalists.

The company had a debt of Rs 200-odd crore at the end of FY 23.

Choudhary added that the product is a result of its 150-member R&D team’s effort for almost 15 years.