LG Chem-lithium-ion battery project in
LG Chem is planning to bring lithium-ion battery project in India. The company was in talks with Renault, Mahindra & Mahindra and Hyundai for an Indian consortium for the project and regarding equity participation.
The company announced this project in 2018 and the batteries from the project would be supplied for electric vehicles of Hyundai, M&M, Renault and M&M’s South Korean subsidiary Ssangyong.
LG Chem-lithium-ion battery project
As India is still in the exploring stage for lithium-ion battery. The LG Chem executive said that there is no tangible information on the progress of the investment plan.
Mahesh Babu, CEO of Mahindra Electric said that the discussions on the project were detailed, but this has now “gone under the carpet”. “We have no idea on when this project will revive,” he said. Industry experts hope that India will get a clearer battery storage policy with better incentives, higher localisation and reduced import tariffs.
The LG Chem Ltd., LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It was the 10th largest chemical company in the world by sales in 2017.
Recently it was an announcement that India’s first lithium refinery is forging ahead after Neometals Ltd. and Manikaran Power Ltd approved a feasibility study. The study will aim and focus to supply a nation set to become the fourth-largest electric-vehicle market by 2040. This refinery will have a capacity of 20,000 tons a year of lithium hydroxide, Australia’s Neometals said in a statement.
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