Munoth Ind to invest Rs 799 cr to make lithium ion batteries in India

NEW DELHI: Munoth Industries said that it plans to invest Rs 799 crore in three phases for setting-up the country's first lithium ion batteries manufacturing plant. The company plans to start selling batteries for 50 million smartphones by April 2019 and gradually scale up production to 250 million by 2022 and hire 1,700 people. The first phase of the project will be operational by March 2019, and 2nd & 3rd phases by 2022.