Himadri Speciality Chemicals is embarking on a groundbreaking venture by investing Rs 4,800 crore to establish a Lithium Iron Phosphate (LFP) manufacturing plant in Odisha. This strategic move positions Himadri as the pioneer Indian entity entering the production of LFP Cathode Active Material, a critical component for electric vehicle (EV) batteries. Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd, highlighted the company’s financial outlook, expressing optimism about becoming debt-free and cash positive by March. The move comes after the company’s successful efforts over 15 years, led by a dedicated 150-member research and development team.

The first phase of the project, with an estimated cost of Rs 1,125 crore, aims to produce 40,000 Metric Tonnes Per Annum (MTPA) and is expected to be operational within 27 to 36 months. Looking ahead, Himadri envisions scaling up to 200,000 MTPA LFP Cathode Active Material production, catering to 100 Giga Watt-hours (GWh) of Li-ion Battery over the next five to six years. It’s noteworthy that Himadri plans to sell these materials to original equipment manufacturers (OEMs) and battery cell manufacturers, foregoing plans to venture into Lithium-ion battery manufacturing. Additionally, the company anticipates international demand and envisions exporting its new product. This significant investment not only underscores Himadri’s commitment to the EV sector but also positions Odisha as a hub for cutting-edge technology and innovation in the lithium battery space.