VIJAYAWADA: The Andhra Pradesh Economic Development Board (APEDB) signed a Memorandum of Understanding (MoU) with Tecchren Batteries for establishment of 200 MWh LiFePO4 battery manufacturing in Sri City.
APEDB chief executive officer J Krishna Kishore signed the Memorandum of Understanding for the State while EPA Ulanday, Executive Chairman of Tecchren Batteries signed on behalf of his company in the presence of Chief Secretary Anil Chandra PunethaTecchren proposes to invest approximately Rs 446 crore to set up the unit with a capacity of 700,000 units per year and it is expected generate over 200 (direct 130, Indirect 70) jobs.
The proposed investment was facilitated by Andhra Pradesh Economic Development Board, a single point of contact for spearheading sustainable growth through investments, partnerships, and collaborations.
“This Memorandum of Understanding is a step in the right direction as electronics is a priority sector for the government of Andhra Pradesh and India grows to be one of the largest electronics manufacturing hubs” Krishna Kishore said .
The Andhra Pradesh Economic Development Board is contemplating facilitating setting up a lithium ion battery manufacturing park in the State. The State will partner with Australia, China, and Argentina to have a consistent supply of lithium for its manufacturing partners, a release said.