Munoth Ind will invest Rs. 7.99 million in India to make lithium-ion batteries

Munos industries said today it plans to invest 79.9 billion rupees in three phases to build the country's first lithium-ion battery factory. The company plans to start selling 50 million smartphone batteries by April 2019 and gradually expand its production to 250 million by 2022 and employ 1,700 people.

"We promised to invest a total of Rs. 79.9 billion in manufacturing plants to increase investment through debt, equity and internal accrual profits. We will first build batteries to meet the demand in the smartphone market," Munoth Industries Limited(MIL) director Jaswan Munoth told reporters here.

The first phase of the project will be operational in March 2019 and will be operational in the second and third phases by 2022.

"Lithium-ion batteries are a core component of the mobile phone industry. Lithium-ion batteries have been imported so far, batteries have been assembled in India using imported batteries, and through this project in Munoth Industries, we will begin our journey. This is a pioneer in this field. "Ajay PrakashSawhani, Secretary of electronics and IT, said after launching the project.

He said the department had approved the project under a revised special incentive scheme, a record time for the department.

At present, all mobile phone batteries are imported domestically.

Pankajmohindroo, the national president of the National Association of Indian Beehive, said: "The current consumption of mobile phone batteries is about 400 million to 450 million mobile phones each year, including replacing mobile phones and about 100 million mobile phones each year.

MIL plans to invest Rs. 16.5 billion in the first phase to generate a total capacity of 20,000 ampere hours(Ah/day) per day. In phases II and III, MIL will expand its production capacity to 500,000 and 10 trillion amps per day.

"We are considering a market share of the total number of batteries consumed by the Indian mobile phone industry in the first phase of production," Munoth said.

The company will recruit 1,700 people in the third phase of the project. Most of the employees will become high school graduates. The managers will be graduates and the managers will be engineering graduates or graduates.

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