CapEx News
Project News,Updates,Bids & Tenders for Consultants,EPC Contactors,Industrial Suppliers & Service Providers
International Battery Company (IBC) has announced plans to establish a lithium-ion gigafactory in Karnataka with an initial investment of Rs 390 crore.
The facility is expected to generate 300 direct jobs and is slated to be operational within the next nine months.
IBC has partnered with Mahanagar Gas Limited to develop the manufacturing plant, which will be located in the KIADB ITIR industrial area in Devanahalli, near the Foxconn facility.
Currently, IBC manufactures battery cells in South Korea and imports them for assembly in India, but the new factory will enable local cell production for the first time in the country.
At the foundation stone-laying ceremony, Minister M B Patil emphasized the importance of the facility, noting that 20% of the factory’s battery production will be exported to the United States and Europe.
"This manufacturing facility will reduce dependence on imports from China and provide a significant boost to the state’s economy," Patil said.
The new plant will also supply batteries for a range of vehicles, including two-wheelers, three-wheelers, and other electric vehicles.
Patil outlined the broader vision, stating, “The IBC gigafactory is a milestone in our push towards building a sustainable, technology-driven, and green economy. It will help establish Karnataka as a global leader in energy sector research."
Mahanagar Gas
Foxconn
Recent News
◉ SWELECT Energy secures over 150 MW of solar module - Mar 13,2025◉ RVNL emerges as lowest bidder for Rs 554.64 crore road contract - Mar 13,2025
◉ MoU inked for developing Multi-Modal Logistics Park in Varanasi - Mar 13,2025
◉ Danfoss India to invest Rs 1,200 crore by 2028 - Mar 13,2025
◉ SJVN to develop Rs 9,500 crore pumped storage project - Mar 13,2025
◉ JNPA signs concession agreement for Rs 285-crore agri-processing facility - Mar 13,2025
◉ Montra Electric opens e-SCV manufacturing plant in Chennai - Mar 13,2025