Epsilon Advanced Materials Pvt was set up in Karnataka in August. It became India’s first manufacturer of lithium-ion battery parts sourcing the raw material from the largest steel mill in the country. This plant is owned by Vikram Handa and he plans to invest 60 billion rupees ($807 million) to produce 100,000 tons of synthetic graphite anode by 2030, or about 10% of estimated global demand.
Anode materials are the negative electrode in lithium-ion batteries and account for a quarter of a cell’s components. China has been producing more than 80% of the world’s supply of these anodes, importing raw materials from countries including India. By producing the anodes in India, Handa aims to transition India from a battery minerals centre to a battery materials hub.
India’s EV space is attracting a lot of interest from various stakeholders these days. Many policy initiatives are also being implemented. India has the expertise needed to make the cells, and it has plentiful raw materials like aluminum, copper, electrolytes and nickel, the key elements for batteries.