BENGALURU: The International Battery Company (IBC), renowned manufacturer of lithium-ion batteries, is set to commence production at its GigaFactory Unit in Bengaluru within nine months. The Rs 390 crore investment project is expected to generate 300 direct employment opportunities.
The groundbreaking ceremony for the new unit was held on Wednesday, at the Karnataka Industrial Areas Development Board in the Information Technology Investment Region (ITIR). The state government has allocated 10 acres of land near the Foxconn unit to facilitate this facility, which will be established in collaboration with Mahanagar Gas Limited.
Minister for Large and Medium Industries, MB Patil, who made the announcement, highlighted that the unit aims to export 20% of its production to the US and European Union markets.
Currently, IBC produces lithium-ion cells at its 35,000-square-foot facility in South Korea, which are then transported to India for the final assembly of the battery packs. The first phase of investment at the KIADB ITIR unit will enable the local manufacture of lithium-ion cells, marking the first time such cells will be produced in India. These locally manufactured cells will be used to create battery packs for small mobility solutions, including two-wheelers and three-wheelers.