Indian rechargeable battery business and assembly services company Avanze Inventive will establish a lithium-ion battery manufacturing plant with an investment of $257 million at Sri City.
Whereas, Singaporean lithium-ion cell manufacturing company Ojovati intends to establish a lithium-ion cell manufacturing plant at Sri City with a $229 million commitment.
Avanze's facility is expected to provide direct employment to 900 people and indirect employment to 1000 while Ojovati's plant will provide direct employment to 700 people and indirect employment to 500.
Both companies inked Memorandums of Understanding with The Andhra Pradesh Economic Development Board for lithium-ion cell and battery manufacturing deals worth a total of 3400 crore rupees ($486 million).