After Tesla’s battery Gigafactory, India’s first lithium-ion battery Gigafactory is soon to commence operations.
LIBCOIN, which consists of several companies, with Magnis Energy Technologies Limited holding 20% of non-dilutive ownership, will join hands with Bharat Heavy Electricals Limited (BHEL) for the factory.
The lithium-ion battery Gigafactory, as announced by the Ministry of Heavy Industries and Public Enterprises, will start at 1GWh and will eventually increase to 30GWh.
The Gigafactory will be a part of the ‘Made By India, For India’ initiative, which will call for domestic manufacturing of the important components for the electric vehicles.
“Our plan is to be the largest lithium-ion battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting,” LIBCOIN Chairman, Mr. Rajan Duggal commented.
India getting its own lithium-ion battery Gigafactory will ensure lower component costs as well as self-sufficiency.
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However, other details regarding the venture remain unknown as both the companies are conducting confidential discussions on the same.
Additionally, there is no word on when the Gigafactory will start operating. Therefore, stay tuned for further details.