By Subhrojit Mallick
Copyright indiatimes
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New Delhi: Multiple companies are setting up lithium-ion cell manufacturing plants to meet high demand from contract manufacturers who assemble consumer electronics such as smartphones, laptops, wearables and more.Chennai-based lithium-ion (Li-ion) cell manufacturer Munoth Industries has entered into a joint-venture agreement with China-based Zhuhai CosMX Battery, which supplies batteries for Apple iPhones, executives familiar with the matter said.The venture, subject to regulatory approvals, plans an initial investment of ₹500 crore to expand capacities at Munoth’s existing Tirupati campus, where it already produces Li-ion cells for power banks purchased by US-based Anker, among others.Earlier this month, Japan’s TDK Corporation opened an advanced Li-ion battery plant in Sohna, Haryana, with capacity to produce 200 million battery packs annually.Contract manufacturer Dixon Technologies has also incorporated a wholly owned subsidiary, Dixon Electrocorp, to manufacture “all kinds of electronic-related products including batteries, lithium-ion batteries, Li-ion battery cells, Li-ion cells for digital applications, battery packs and battery modules, related products, equipment and components thereof,” according to an exchange filing.Live EventsIndustry executives said Dixon will invest ₹500-600 crore in a new facility to produce Li-ion cells for captive consumption as well as for supply to other parties.India’s mobile phone manufacturing industry requires 30 million cells a month for domestic consumption and exports, one executive said, adding that domestic demand is around 8-10 million.The government’s ₹22,000-crore Electronics Component Manufacturing Scheme (ECMS) to promote component manufacturing has earmarked 4-6% incentives for lithium-ion cells (excluding storage and mobility), based on incremental sales turnover. There are no capital subsidies for this segment.CosMX, publicly listed in China, will hold a 26% stake in Munoth Lithium Battery Pvt Ltd, the proposed joint venture with Munoth, executives cited above said.Add as a Reliable and Trusted News Source Add Now!
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