Tata Group is set to establish a lithium-ion cell manufacturing giga factory in Gujarat.
Agratas Energy Storage Solution, a subsidiary of Tata Group, signed a Memorandum of Understanding (MoU) with the Government of Gujarat in this regard on Friday (2 June).
The MoU was signed in the presence of Gujarat Chief Minister Bhupendra Patel.
The project will entail an initial investment of Rs 13,000 crore (equivalent to $1.8 billion) in its first phase, according to an official statement by the Gujarat government, reports CNBC-TV18.
The factory is projected to possess a substantial capacity of 20 gigawatt-hour (GWh), thereby making a significant contribution to India's burgeoning demand for lithium-ion batteries.
The plant will contribute significantly to the development of the EV industry and create direct and indirect employment opportunities for over 13,000 people.
The plant is likely to reduce dependency on battery cell suppliers from countries like China and South Korea.
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