Epsilon Group on Wednesday announced its plan to invest Rs 15,350 crore in developing a manufacturing and research facility for EV battery testing and advanced materials in Karnataka.
A Memorandum of Understanding (MoU) with the Government of Karnataka (GoK) has been signed to this effect at the Invest Karnataka Summit in Bengaluru, Epsilon said.
This strategic investment, planned over the next 10 years, will bolster India's Electric Vehicle (EV) ecosystem, creating thousands of jobs, and strengthen India's position as a hub for advanced battery technology, it said.
As part of the MoU, Epsilon Group, along with its subsidiaries Epsilon Advanced Materials and Epsilon CAM Pvt Ltd will manufacture sustainable and high-performance Graphite Anode and Lithium Iron Phosphate (LFP) Cathode battery materials while Inspire Energy Research Center Pvt Ltd will focus on R&D, testing and training for EV battery materials and battery manufacturers.
The plan includes an investment of Rs 9,000 crore to set up a Graphite Anode manufacturing plant, Rs 6,000 crore for an LFP Cathode manufacturing plant, and Rs 350 crore for battery materials and battery testing R&D and training centre, the company said.
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