The Andhra Pradesh Economic Development Board (APEDB) has signed two Memorandums of Understanding (MoU) with a cumulative investment worth Rs 3400 crore in Lithium ion cell and battery manufacturing.
Singapore-based Ojovati would set up a lithium-ion cell manufacturing plant at Sri City with an investment of Rs 1600 crore, providing direct employment to 700 people and indirect employment to 500, reported BusinessLine while sharing the details.
Delhi-based startup Avanze Inventive would set up a lithium-ion battery manufacturing plant with an investment of Rs 1800 crore at Sri City, providing direct employment to 900 people and indirect employment to 1000, the report added.
Founded in 2017, Avanze Inventive is principally engaged in rechargeable battery business and assembly services, providing one-stop services including design, manufacturing, testing and assembly.
The fresh investment comes hot on the heels of New Delhi based Urja Global signing an MoU with the government of Andhra Pradesh for development of an integrated plant for electric vehicles and Lithium-ion batteries including skilling in the state. The plant will be set up at an investment of Rs 200 crore. The sites shortlisted for setting up the plant include Anantapur, Nellore, and Chittoor.
While Tecchren Batteries (a subsidiary of US-based Tecchren Inc) will set up a 200 MWh LiFePO4 battery manufacturing unit at an investment of Rs446 crore, U.S. rival Triton Solar will invest Rs727 crore to set up a plant for batteries based on nano and lithium polymer technology. The latter aims to reach an annual production capacity of 200 MW.