India's Himadri Speciality plans to make lithium-ion battery parts

Himadri Speciality Chemical

06/12/2023 03:35

BENGALURU, Dec 6 (Reuters) - India's Himadri Speciality
Chemical  HIMD.NS  said on Wednesday it would set up a facility
to make lithium-ion battery components for an estimated project
cost of 48 billion rupees. ($576.12 million).
    Lithium-ion batteries, which power electric vehicles (EV)
and used to store energy, are expected to play a key role in
India's goal to be a net zero emitter of greenhouse gases by
2070.
    The country is expected to see sales of more than 10 million
EVs a year by 2030, rising more than ten fold from the last
fiscal year, according to a recent annual Economic Survey.
    Himadri Speciality was among at least a dozen Indian and
foreign companies which participated in the government's auction
this year of some newly found lithium blocks.    
    The plant would have a capacity of 200,000 million tonnes
per annum, the company, which makes specialty chemicals for
textile, oil and gas, said in a stock exchange filing. 
    The project cost would be borne largely from internal
accruals and the balance from debt, it added. 
    Shares of Himadri Speciality Chemical have so far gained
nearly three-fold this year. 
    
($1 = 83.3160 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Nivedita
Bhattacharjee)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))