Mahanagar Gas and IBC to build Rs 2.3 billion li-ion cell gigafactory
OIL & GAS

Mahanagar Gas and IBC to build Rs 2.3 billion li-ion cell gigafactory

Mahanagar Gas (MGL) will invest Rs 2.3 billion in a joint venture with the International Battery Company (IBC US) to establish a gigafactory in Bengaluru for manufacturing prismatic NMC Li-ion cells. These cells are crucial for the mobility and battery storage industries and will contribute to India’s growing battery production capabilities.

The partnership, formed through a share subscription and shareholding agreement between MGL and IBC US, will see IBC India set up the joint venture. MGL and IBC US will each hold 44% and 56% of the shares, respectively, subject to regulatory approvals.

IBC US, based in California, will bring its expertise from a pilot facility in Seoul, South Korea, where it has been developing Li-ion cells. The initiative aims to meet the increasing demand for locally produced battery cells in India, reducing the reliance on imports.

MGL's Managing Director, Ashu Shinghal, highlighted that entering the battery manufacturing sector aligns with the company’s broader energy strategy. IBC CEO Priyadarshi Panda emphasized that the Li-ion cells are designed specifically to meet the needs of Indian OEMs and consumers, helping India achieve greater energy independence.

This move follows MGL’s February 2024 acquisition of a 30.97% stake in 3ev Industries, a manufacturer of three-wheel electric vehicles, and its previous collaboration with Tata Power to explore e-mobility solutions and solar energy initiatives. (Mercom)

Mahanagar Gas (MGL) will invest Rs 2.3 billion in a joint venture with the International Battery Company (IBC US) to establish a gigafactory in Bengaluru for manufacturing prismatic NMC Li-ion cells. These cells are crucial for the mobility and battery storage industries and will contribute to India’s growing battery production capabilities. The partnership, formed through a share subscription and shareholding agreement between MGL and IBC US, will see IBC India set up the joint venture. MGL and IBC US will each hold 44% and 56% of the shares, respectively, subject to regulatory approvals. IBC US, based in California, will bring its expertise from a pilot facility in Seoul, South Korea, where it has been developing Li-ion cells. The initiative aims to meet the increasing demand for locally produced battery cells in India, reducing the reliance on imports. MGL's Managing Director, Ashu Shinghal, highlighted that entering the battery manufacturing sector aligns with the company’s broader energy strategy. IBC CEO Priyadarshi Panda emphasized that the Li-ion cells are designed specifically to meet the needs of Indian OEMs and consumers, helping India achieve greater energy independence. This move follows MGL’s February 2024 acquisition of a 30.97% stake in 3ev Industries, a manufacturer of three-wheel electric vehicles, and its previous collaboration with Tata Power to explore e-mobility solutions and solar energy initiatives. (Mercom)

Next Story
Resources

Master Builders Solutions Forges Path into India Market with MBT-Construction Chemicals

Master Builders Solutions, a global leader in innovative concrete admixtures and solutions for the construction industry, announces its strategic expansion into the dynamic Indian market. Leveraging its expertise and advanced solutions, Master Builders Solutions aims to address the growing demand for sustainable, high-performance construction materials across various sectors in India. The move into India represents a significant milestone for Master Builders Solutions, aligning with its commitment to delivering cutting-edge solutions worldwide. With a rapidly evolving construction landscape in..

Next Story
Resources

TrucksUp collaborates with AU Small Finance Bank to empower aspiring buyers and small fleet owners

TrucksUp has announced a strategic partnership with AU Small Finance Bank Ltd to offer economic, easy and hassle-free financing solutions for used trucks focusing on driver and transport business community. This partnership tactically aims to support small fleet owners in India by providing low EMI loans at competitive interest rates. Their target audience can also benefit from refinancing options on existing trucks and avail of top-up loans to meet their financial needs. This is making the access to capital needs for truck drivers’ community easy to grow and scale their business. This colla..

Next Story
Resources

Build Capital to Invest Rs 1.5 billion in Navi Mumbai’s RE Market in 2025

Build Capital, an innovative early-stage real estate fund, has completed its maiden investment in the Navi Mumbai market. This investment in Satyam Group’s project is part of Build’s strategy to become a preferred partner in early – stage real estate financing in Mumbai Metropolitan Region (MMR).Build Capital has further announced that it plans to invest close to Rs 1.5 billion (bn) in the Navi Mumbai market out of its total target investments of Rs. 4 bn for the year 2025. Kuldeep Jain, CEO and Co-Founder, Build Capital said, “We are plugging the existing gaps of early-stage financing..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000