Tecchren Batteries has reportedly signed a memorandum of understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB) to establish a lithium-ion battery manufacturing plant in Andhra Pradesh, southeast India.
According to The Times of India, US-based Tecchren has formed an Indian subsidiary company, Tecchren Batteries Private Limited, which will conduct the establishment of the 200MW Lithium Ferro Phosphate battery manufacturing facility in Sri City.
J Krishna Krishore, CEO of APEDB, told the paper: “This MoU is a step in the right direction as electronics is a priority sector for the government of Andhra Pradesh and India grows to be one of the largest electronics manufacturing hubs.”
Tecchren is a privately owned with a stated mission objective “to manufacture and distribute advanced lithium ferro phosphate batteries in India and the US, under exclusive licence terms with a European based company”.
The proposed investment— which was facilitated by the APEDB— is put at Rs 446 crore (US$62.8 million) to realise a production capacity of 700,000 units per annum.
The Times of India also reported that the state would elevate its partnership with Australia, Chile, and Argentina to ensure a consistent supply of lithium and encourage further lithium-ion manufacturing to be established in the region.