TL;DR
TACC secured ₹1,230 crore from SBI for its Dewas lithium-ion materials project, bolstering India's EV battery production and self-reliance.
TACC (Tata Advanced Cell Company) has successfully secured ₹1,230 crore in funding from the State Bank of India (SBI) for its crucial lithium-ion materials project in Dewas. This significant investment is earmarked for advancing the production and research of lithium-ion battery components, essential for India's burgeoning electric vehicle and energy storage sectors.
The funding underscores India's commitment to building a robust domestic supply chain for EV batteries, reducing reliance on imports, and fostering self-sufficiency in critical materials. This project is a key step towards strengthening India's position in the global EV market and achieving its clean energy targets.