In a positive development, Japanese multinational electronic company TDK Corporation owned Amperex Technology Limited (ATL) which manufactures rechargeable lithium-ion polymer (LIP) batteries has acquired 180 acres of industrial land in Haryana, reports Economic Times.

ATL’s purchase of 180 acres of land for a price of Rs 550 crore in Industrial Model Township (IMT) Sohna close to the city of Gurugram is one of the largest land deals of the ongoing year. Also, the land is just 46.6 kilometres away from the international airport in New Delhi.

The reserve price for the transaction was fixed at Rs 3.05 crore per acre, and ATL had emerged as the only bidder to have participated in the land auctioning which had been organised by the Haryana State Industrial and Infrastructure Development Corporation (HDIIDC). ATL will now have to complete the payment within the coming 90 days.

ATL is said to be planning to invest Rs 7,000 crore in India over the next few years to supply batteries to the booming smartphone, and two and three-wheeler electric vehicle makers in the nation.

It should be noted that the Hong Kong-headquartered ATL already has two production facilities in China, in Dongguan and Ningde.