Munoth Industries, promoted by Chennai-based Munoth group is planning to set up India's first Lithium-ion cell manufacturing plant in Andhra Pradesh's Tirupati by next year.
The plant will be set up with an outlay of Rs 799 crore in three phases, Munoth Industries said. Adding that the first phase of the project will be operational by March 2019 and the 2nd & 3rd phases by 2022.
" This project is of great importance to us. The company has been allotted on the outright basis 30 acres of land by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and has received all the required approvals from Tirupati Urban Development Authority (TUDA) and Ministry of Electronics and IT (MeitY) on M-SIPS benefits," said Jaswant Munoth, Chairman, Munoth Industries.
The company is targeting a market share of approximately six percent of the total number of batteries consumed in the mobile phone industry in India during the first phase of production.
Ajay Prakash Sawhney, Secretary, Ministry of Electronics & IT said, "Lithium-ion cell is a core component for mobile phone industry. As of now, Lithium-ion cells are imported and battery packs are assembled in India using the imported cells and with this project of Munoth Industries, we will begin our journey to become a pioneer in this space. The M-SIPS approval for this project was given by the Ministry in record time which is a clear testament of the Government's increasing focus on enhancing ease of doing business and our total commitment to support the establishment of components/core-components manufacturing eco-system."
Meanwhile, the company is also planning to recruit 1700 people for this three-phase project.
Vikas Munoth, Managing Director, Munoth Industries said, "The decision of Munoth Industries to set up the country's first ever Lithium-ion cell manufacturing plant for mobile handsets is truly a revolutionary step which is aimed at supporting the Government's goal to step up value addition in the mobile handset sector in sync with the Phased Manufacturing Program (PMP)."