Bengaluru: Hindalco Industries said on Tuesday it will invest 8 billion rupees ($96 million) to set up a battery foil manufacturing facility to tap 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 and will produce 25,000 tonnes of aluminium foils, a key component in lithium-ion cells essential for rechargeable batteries, which are primarily used in electric vehicles (EVs), the company said in a statement.
Shares of the company rose more than 2 per cent after the announcement.
