Karnataka Minister for Commerce and Industries, Infrastructure MB Patil announced in a post on Tuesday that International Battery Company (IBC) has signed an investment agreement with the state worth 80 billion rupees ($971.89 million) to build a battery manufacturing facility.

According to reports, MB Patil stated in a post on social media platform X that the manufacturing facility will be spread across 100 acres in the state.

According to sources, the company plans to manufacture lithium-ion cells at the facility.

As per a report, IBC intends to commence production at the Karnataka facility by 2025. Gunjan Krishna, the commissioner at Karnataka's Industries and Commerce Department, revealed that the private company has ambitious plans to scale up its capacity to 10 gigawatts by the year 2028.

IBC had expressed its interest in investing in battery production during a meeting with state government officials in June, as mentioned by Minister for Commerce & Industries, Infrastructure MB Patil in a previous post.