Latest News | Himadri Speciality to Invest Rs 4,800 Cr for Setting Up Lithium-ion Battery Components Factory
Get latest articles and stories on Latest News at LatestLY. Himadri Speciality Chemical Ltd on Wednesday said it will invest Rs 4,800 crore over the next 5-6 years to set up a manufacturing facility for Lithium-ion Battery components.
New Delhi, Dec 6 (PTI) Himadri Speciality Chemical Ltd on Wednesday said it will invest Rs 4,800 crore over the next 5-6 years to set up a manufacturing facility for Lithium-ion Battery components.
In a regulatory filing, the company informed that the board at its meeting held on Tuesday, has approved "setting up of the manufacturing facility for the production of Lithium-ion Battery (LiB) components with total annual production capacity of 200,000 tonnes, either directly and/or through its subsidiaries, with an estimated project cost of Rs 4,800 crores in phases over a period of 5 to 6 years."
The investment will be made largely from internal accruals and the balance from debt, it added.
The company intends to enhance stakeholders value by participating in a sunrise sector with a very strong growth trajectory.
"Indigenization of LIB raw materials for global and India's electric vehicle (EV) & energy storage system (ESS)," the company said, while talking about the benefits of setting up this factory.
It seeks to promote sustainability by reducing dependency on fossil fuel and preservation of natural resources.
Kolkata-based Himadri Speciality Chemical manufactures coal tar pitch, carbon black, battery materials, specialty oil and refined naphthalene among others. These products are used by many industries.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)