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Chart of the week: Increased EV adoption starts the Giga factory race in India

26 Mar 2024 , 03:17 PM

India battery manufacturing and supply chain summit shed light on the evolving battery ecosystem in India as well as globally. With the giga factory race picking up in India, chemical companies have started exploring supply chain opportunities with some already committing large capex. Though battery manufacturing is complex and involves various components that may vary with evolving chemistry, India’s ambitious goal of EV adoption, renewables and local sourcing equips the space with guaranteed demand offtake. However, complexities around the rigorous qualification processes will warrant a cautious approach, as the strike rate will be low in the near future as companies undergo the learning curve.

Upcoming battery capacities in India*

Chemical companies targeting battery supply chain

Company Target segment
Neogen Chemicals  Getting into electrolytes and electrolyte salts
Gujarat Fluorochemicals Getting into electrolytes and electrolyte salts. Will also focus on additives, CAM and binders
PCBL Ltd Exploring nano-silicon technology for EV
Himadri Specialty chemicals Getting into CAM
Aether Industries Tied up for electrolyte additives
Ami Organics Getting into electrolytes, also focussing on additives
Tatva Chintan Getting into electrolyte salts
Pondy Oxides Focussing on recycling of Li-ion batteries

Source: Company, IIFL Research

Favourable policies driving investments across the globe

Country Regulation/Act Key points
USA

Inflation Reduction

Act

IRA aims to strengthen the battery supply chain and

established a production tax credit for manufacturing

Australia

Promotion of

battery & critical minerals

Facilitates global investment in pre-cursor/cathode active

materials manufacturing

European Union Critical raw minerals act To strengthen EU's critical raw materials capacities across the value chain to reduce dependency
India ACC PLI Mandates minimum 60% domestic value addition
China

Domestic battery

manufacturing

Improving domestic battery market that includes cell

manufacturing, supply chain development

Source: : CES, IESA, IIFL Research

Upcoming battery capacities in India

Related Tags

  • Amara Raja
  • Battery
  • Battery ecosystem
  • electric vehicles
  • EV
  • Exide
  • Giga Factory
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