Battery maker IBC to set up plant in Karnataka for nearly $1 billion.

International Battery Company (IBC) has signed an investment pact worth Rs. 8,000 crore ($971.89 million) with Karnataka to build a battery manufacturing facility, the state's minister said recently.

The manufacturing facility will be spread across 100 acres, Minister for Commerce & Industries, Infrastructure, MB Patil, said in a post on messaging platform X.

Bloomberg News reported recently that the company would manufacture lithium-ion cells at the facility.

IBC plans to begin production by 2025, Bloomberg News reported, citing Gunjan Krishna, commissioner at Karnataka's Industries and Commerce Department, adding that the private company is aiming to ramp up capacity to 10 gigawatt by 2028.

The company, which met state government officials in June, had then expressed an interest in investing on battery production in Karnataka, Patil had said in a post in June.

HBL