Munoth Industries today said that it plans to invest Rs 799 crore in three phases for setting-up the country’s first lithium ion batteries manufacturing plant.
The company plans to start selling batteries for 50 million smartphones by April 2019 and gradually scale up production to 250 million by 2022 and hire 1,700 people.
“We are committed to invest a total of Rs 799 crore in the manufacturing plant. The investment will be raised through debt, equity and internal accruals.
We will make batteries initially to cater demand of smartphone segment,” Munoth Industries Limited (MIL) Director Jaswant Munoth told reporters here. The first phase of the project will be operational by March 2019, and 2nd & 3rd phases by 2022. Read More