US-based company to set up Litium-ion unit in Karnataka

The state government on Tuesday signed an MoU with US-based International Battery Company (IBC) for setting up a recyclable Lithium-ion battery manufacturing unit.

Speaking on the occasion, Large and Medium Scale Industries Minister M B Patil said the company will set up a unit on a 100-acre spread of land in Bengaluru Rural district with an investment of Rs 8,000 crore.

"With this, the state will have its second Lithium-ion battery manufacturing facility. This will help Karnataka be the front runner in Li-ion battery manufacturing state," the minister said.