India’s first lithium-ion cell manufacturing site to be built in Andhra Pradesh
The site, which w...
Munoth Industries, the Chennai-based company, has announced it will be developing a lithium-ion cell manufacturing facility in India.
The site, which will be built in Tirupati, Andhra Pradesh, will receive a total of Rs 799 crore (US$118.2mn).
Munoth Industries, a firm that has worked with mobile phone distribution and cell manufacturing, will develop the nation’s first lithium-ion cell factory, generating 1,700 jobs.
“We are committed to invest a total of Rs 799 crore in the manufacturing plant. The investment will be raised through debt, equity and internal accruals. We will make batteries initially to cater demand of smartphone segment,” said Jaswant Munoth, Director of Munoth Industries Limited.
The facility’s first phase will target the mobile phone industry when operational in March 2019.
The second and third phases of the Andhra Pradesh project are anticipated to be complete by 2022.
Rs 165 crore ($24.4mn) has been invested into the first phase, with the Centre and the State to both offer Rs 25 crore ($3.7mn) in subsidies.
“Lithium-ion cell is a core component for mobile phone industry,” stated Ajay Prakash Sawhney, India’s Secretary for the Ministry of Electronics and Information Technology.
“As of now, Lithium-ion cells are imported and battery packs are assembled in India using the imported cells and with this project of Munoth Industries, we will begin our journey to become a pioneer in this space.”