Korea Zinc pulls $1.8 billion share sale plan after probe
The world’s largest zinc smelter has been caught up for months in a fight between its largest shareholders over strategy and direction.
India’s salt-to-software conglomerate Tata Group signed an agreement with the Gujarat state government to set up a giga-factory for manufacturing lithium-ion cells, with an estimated initial investment of around 130 billion rupees ($1.6 billion).
Tata Agaratas Energy Storage Solutions Pvt., a subsidiary of Tata Group, signed a memorandum of understanding on Friday to establish an electric-vehicle battery plant that will have a production capacity of 20 gigawatt hours, generating direct and indirect employment for more than 13,000 people, according to a state government document posted on its website.
Indian Prime Minister Narendra Modi is working toward making the world’s most-populous nation carbon net zero by 2070. Still, India is lagging behind nations like China and the US in adopting electric transport.
The Tata plant would make Gujarat a leader in lithium-battery manufacturing and the group will receive assistance in setting up a production eco-system in the state, the state government said. A Tata Group representative declined to comment.
Tata Group’s decision comes at a time when its unit Jaguar Land Rover is considering setting up a major EV battery plant in the Britain. Tata favors a factory in England over Spain after the UK government offered a support package, Bloomberg reported in May.
(By P R Sanjai)
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