Epsilon Carbon in JV with US co to make battery materials

Times News Network

Mumbai:

Epsilon Carbon

, owned by JSW Group chairman Sajjan Jindal’s son-in-law

Vikram Handa

, has inked a joint venture with Nasdaq-listed

The Metals Company

to manufacture battery raw materials.

The JV plans to invest Rs 1,200 crore to set up a

polymetallic nodule

processing plant in India. The nodules will be converted to create raw materials required to manufacture lithium-ion batteries. These are used to power electric vehicles and consumer electronics.

The development follows the recent

production-linked incentive

(PLI) scheme for advanced cell chemistries proposed by the central government, necessitating a 60% local content to qualify for the government investment. Reliance Industries and

Ola Electric

, among others, have qualified for the PLI scheme.

Handa is married to Jindal’s oldest daughter Tarini, who is a director of

JSW Realty

. Epsilon Carbon and The Metals Company are looking for land in Tamil Nadu, Gujarat and Andhra Pradesh to set up the polymetallic nodule processing plant.


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