₹799-crore Tirupati facility to target mobile phone industry
Chennai-based Munoth Industries on Wednesday announced setting up of a Lithium-ion cell manufacturing plant, said to be the first in India, at an investment of ₹799 crore. The plant, which would target the mobile phone industry in the first phase, would come up in Tirupati, Andhra Pradesh.
The first phase of the project will be operational by March 2019 and the second and third phases by 2022.
Munoth Industries was earlier involved in distribution of mobile phones, but is now focusing efforts on manufacturing Lithium-ion cell, said MD Vikas Munoth.
He added that in the first phase the company had invested ₹165 crore, in which it would get a subsidy of about ₹25 crore each from the Centre and the State under different schemes.
The plant is expected to generate employment for about 1,700 people. The MD said in the first phase the company was targeting a capacity of 2 lakh Ah, which would be increased to 5 lakh Ah in the second phase and then to 10 lakh Ah.
“The current consumption of batteries is about 400-450 million per annum for mobile phones, including replacement, and about 100 million/annum for power banks,” said Pankaj Mahindroo, national president, Indian Cellular Association.
Munoth Industries chairman Jaswant Munoth said the company was targeting a market share of about 6% of the total number of batteries consumed in the mobile phone industry in the first phase of production.
The company has partnered Better Power Company, a China-based firm, for the technology to manufacture lithium-ion cells in India, said Mr. Vikas Munoth.