Epsilon Group has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest Rs 15,350 crore in building an advanced manufacturing and research facility focused on EV battery materials. The investment, spread over the next decade, aims to enhance India's electric vehicle sector by producing high-performance battery components and boosting research in sustainable energy solutions. The project is expected to generate significant employment opportunities while reinforcing India’s position in battery technology.
Under this initiative, Epsilon Advanced Materials and Epsilon CAM Pvt. Ltd. will manufacture Graphite Anode and Lithium Iron Phosphate (LFP) Cathode materials, while Inspire Energy Research Center Pvt. Ltd. will focus on R&D, testing, and training for battery development. The investment plan includes Rs 9,000 crore for a Graphite Anode plant, Rs 6,000 crore for an LFP Cathode plant, and 350 crore for battery research and testing facilities.
Epsilon Group’s investment aligns with Karnataka’s vision of becoming a key player in India’s energy transition, positioning the state as a hub for battery materials production. The company aims to support Indian battery manufacturers by providing locally sourced, high-performance materials, reducing reliance on imports, and strengthening the supply chain. The Karnataka government will assist the project by offering approvals, incentives, and infrastructure support to promote industrial growth. With a focus on sustainability, Epsilon Group will manufacture Graphite Anode and LFP Cathode materials, ensuring higher Domestic Value Addition (DVA). The company can achieve 100% DVA for anode materials and 60% for cathode materials, contributing to India's goal of self-reliance in EV battery production.
Speaking on the occasion, Vikram Handa, Managing Director, Epsilon Group, said, “This association marks a significant milestone in India’s transition towards clean energy and the EV revolution. Our investment in Karnataka aligns with our vision of making India self-reliant in advanced battery materials and supporting the country’s EV ambitions. We are committed to creating jobs, fostering technology innovation, and promoting sustainable manufacturing to drive economic growth within the state and strengthen the vision of Viksit Bharat.”
