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India's Battery Boom: Local Giants Rise
28 Jul
Summary
- Government scheme aims for 50 GWh domestic battery capacity.
- Manufacturers must achieve 60% domestic value addition.
- Three key players poised to benefit from demand.
India is bolstering its Advanced Chemistry Cell (ACC) battery manufacturing with an ₹18,100 crore Production Linked Incentive (PLI) scheme, targeting 50 GWh of domestic capacity. A key requirement mandates manufacturers achieve 60% domestic value addition within five years, stimulating demand for local battery materials and components.
Neogen Chemicals is expanding its battery materials business, Neogen Ionics, with a ₹1,795 crore capex plan aiming for significant electrolyte and lithium electrolyte salt production by FY27. The company is scaling operations with Japanese technology and has secured provisional approvals from international customers.
HEG Limited, through its subsidiary TACC, is developing a 60,000-ton synthetic graphite anode manufacturing capacity by FY32. TACC has piloted its process, received global cell maker approvals, and is in advanced off-take discussions.
Himadri Specialty Chemicals is establishing India's first non-China LFP cathode active material facility, with a phased expansion to 200,000 MTPA planned by FY28, alongside a carbon nanotubes plant. The company aims to capture a significant share of the global LFP market.
These three companies, operating across different segments of the battery value chain, are investing significantly to meet the anticipated demand driven by India's localization push in the battery sector.
