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India`s Hindalco to invest $96 million to set up battery foil plant in Odisha state
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Hindalco Industries said on Tuesday it will invest 8 billion rupees ($96 million) to set up a battery foil manufacturing facility to tap into the expanding electric vehicles market in India, the world's third largest car market.
The plant, set to be opened in the eastern state of Odisha, is slated to be operational by July 2025 to produce 25,000 tonnes of aluminium foils, a key component in Lithium-ion cells essential for rechargeable batteries, primarily used in electric vehicles (EVs), the Aditya Birla Group-owned company said in statement.
($1 = 83.3650 Indian rupees)
