A memorandum of understanding (MoU) was signed by the Karnataka government and the US-based International Battery Company (IBC) to establish a recyclable lithium-ion battery manufacturing facility in the state for an investment of Rs 8,000 crore (USD 1 BN).

In the presence of Minister of Large and Medium Industries M B Patil, IBC India Pvt. Ltd. President Venkatesh Valluri and Principal Secretary for Department of Commerce and Industries Dr Selvakumar signed and exchanged the MoU.

Speaking on the occasion, Patil said the company will establish the unit on a 100-acre parcel of land in the Bengaluru Rural district.

"After the realisation of the project the state would have its second Lithium-ion battery manufacturing facility paving the way for becoming the front runner as a Li-ion battery manufacturing state in the country," he noted.

Dr. Priyadarshi Panda, Founder and CEO, IBC stated that the pilot plant in Korea is on the verge of completion and the first set of test batteries was ready to be tested by the potential customers of the company.