Suzuki, partners to set up lithium ion plant in India

Source: The Hitavada      Date: 15 Apr 2017 08:43:49


TOKYO,

Apr 14 ,

(PTI),

JAPAN’S Suzuki Motor Corporation has joined hands with Toshiba Corporation and Denso to set up a plant in India to produce lithium ion batteries, entailing an investment of 20 billion yen (nearly Rs 1,200 crore).

The three Japanese entities have signed an agreement to form a joint venture, which is aimed at tapping into the growing popularity for electric vehicles in India. The JV firm will come up this year and move to manufacturing phase at the earliest, Suzuki Motor Corporation said  in a statement.

“The initial capital expenditure will be 20 billion Japanese yen. The joint venture company will be capitalised at 2 billion Japanese yen, with the planned participation ratio of Suzuki (50 per cent), Toshiba 40 pc and Denso 10 pc, respectively,” it added. The JV company will be further examined in detail by the three stakeholders.