Mahindra ties up with Korea's LG Chem for India-focused batteries

India's home-grown sports-utility vehicle leader Mahindra & Mahindra on Tuesday announced a tie-up with South Korea-based battery manufacturer LG Chem for development of a unique cell exclusively for India.

LG Chem will develop the cell for Indian applications and will also supply lithium-ion cells based on NMC (nickel-manganese-cobalt) chemistry with high energy density, Mahindra said in a release.

M&M said these cells will be deployed in the Mahindra and SsangYong range of electric vehicles.

Mahindra is clearly seeking to take the lead in the Indian electric vehicle segment and aims to bring several EV models to the market in the next few years (See: With Rs800 cr outlay, Mahindra to double EV portfolio in 3 years).

LG Chem will also design the li-ion battery modules for Mahindra Electric, which in turn will create battery packs for the Mahindra Group and other consumers.

"This association with LG Chem will give Mahindra the requisite access to advanced battery technology and will also enable us to deliver globally competitive products," said Hemant Sikka, Mahindra's president and chief purchase officer.

"The Electric Vehicle revolution is taking the country by storm and at Mahindra we are happy to be at the forefront of this change. This association with LG Chem will give Mahindra the requisite access to advanced battery technology and will also enable us to deliver globally competitive products.

''At Mahindra we are preparing to scale up in accordance with our expansion plans in order to meet demand expected in the near future. We look forward to a strong and fruitful association with LG Chem," Sikka said.

He said the company is preparing to scale up in accordance with its expansion plans in order to meet demand expected in the near future.

LG Chem executive vice president in energy solution J H Kim said, "LG Chem expects this collaboration will be one of the memorable moments for putting the commercialisation of the electric vehicles in India market."

M&M said keeping in view the investment plan announced last year, a battery module plant is also under development.

The plant will have a capacity of half a million battery modules per annum and will also house a battery module pack line. The entire facility for both module and pack is expected to go into production in the last quarter of 2019-20.