Epsilon Group to invest ₹15,350 crore in establishing an electric vehicle battery manufacturing plant in Karnataka.
Epsilon Group, a leading industrial company that manufactures advanced battery materials has signed a Memorandum of Understanding (MOU) with the government of Karnataka to invest Rs 15,350 Crores for developing an all new state-of-the-art manufacturing and research facility for EV battery testing and production of battery materials.
This alliance is planned by keeping a vision of the next 10 years which will boost India’s EV ecosystem, creating thousands of job opportunities, and making India a global leader in advanced battery technology.
MOU Details and Epsilon’s Plans
According to the agreement, Epsilon group and its subsidiaries, Epsilon Advanced Materials and Epilson CAM Pvt. Ltd. will be producing sustainable and high quality Graphite Anode and Lithium Ion Phosphate (LFP) Cathode battery materials, while Inspire Energy Research Center will be concentrating on R&D, meticulous testing and training for EV battery materials and battery manufacturing.
According to the Epilson’s plans:
- The company will be doing an investment of Rs 9,000 Crores to set up a Graphite Anode manufacturing factory.
- Epsilon will be allocating Rs 6.000 Crores for a LFP Cathode manufacturing plant.
- Rs 350 Crores will be allocated for battery materials and battery testing R&D and training center.
The Karnataka Government will be arranging necessary incentives, infrastructural support, and necessary approvals for Epsilon’s projects and policies to encourage industrial growth.
This investment will also promote sustainable supply of critical battery components by establishing a localized, and domestic production of battery materials, meeting the growing demand of EV consumers which are significantly rising in the country.
It will also be supporting Atmanirbhar Bharat which will be fostering a job boost of over 2,000 direct jobs and will motivate global OEMs looking for reliable battery options.
Epsilon Group’s 15,380 Crores of investment in Karnataka will be a revolutionarizing step towards reducing India’s dependence on Chinese imports. This investment will also be increasing India’s potential and ramp up the production in battery technologies.
