The manufacturing plant, to be set up with an investment of about Rs 446 crore, will have a production capacity of 700,000 units per year
A memorandum of understanding (MoU) was signed between the Andhra Pradesh Economic Development Board (APEDB) and Tecchren Batteries on Monday for the establishment of a lithium ion manufacturing unit in Andhra Pradesh.
The proposed investment of the project is about Rs 446 crore. The plant will have a production capacity of 700,000 units per year and is expected to generate over 130 direct and 70 indirect jobs.
Tecchren Inc is a privately owned company incorporated under the laws of Delaware USA, organized by Asian, North American & European professionals within technology, operations, finance, policy-making, and environmental issues.
The MoU was signed by J Krishna Kishore, chief executive officer, APEDB and EPA. This MoU is a step in the right direction as electronics is a priority sector for the government of Andhra Pradesh and India is growing to be one of the largest electronics manufacturing hubs, Kishore told TNN.
He further envisaged that going forward, the state will elevate the partnership with Australia, China, and Argentina to have a consistent supply of lithium for its manufacturing partners.
