State-owned Bharat Heavy Electricals Limited (BHEL), one of India’s largest power generation equipment manufacturers, is in talks with LIBCOIN consortium to build Indian government’s first lithium-ion gigafactory as part of Prime Minister Narendra Modi’s “Make in India, for India” programme.
LIBCOIN is a consortium comprising Magnis Energy, Duggal Family Trust and Charge CCCV(C4V) and has plans to build large lithium-ion battery gigafactories globally.
Commenting on the development, LIBCOIN chairman Rajan Duggal said, “Our plan is to be the largest lithium-ion battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating, especially in the Indian automobile sector, is very exciting.”
Development of the gigafactory would initially start with the construction of a 1 gigawatt hour lithium-ion battery plant, which would be scaled up to 30 GWh in due course, said Magnis Energy.
Magnis chairman Frank Poullas said, “To have the Central Government of India endorse this project is very encouraging for both Magnis and its partners.
“We see India as one of the largest markets in the world for lithium-ion batteries and to potentially build one of the world’s largest lithium-ion battery gigafactories with a partner who possesses the skill and expertise of BHEL is exciting for the company.”
