Mahanagar Gas to invest Rs 2.3 billion in battery gigafactory with IBC India
Author: PPD Team Date: 12/11/2024
Mahanagar Gas Limited (MGL) has announced an investment of Rs 2.3 billion in International Battery Company (IBC) India to develop a gigafactory in Bengaluru, focused on producing prismatic NMC Li-ion cells for mobility and battery storage applications. This partnership aims to meet India’s demand for locally manufactured battery cells, which are currently imported.
MGL has entered a share subscription and shareholding agreement with IBC US, forming a joint venture through IBC India with a 44:56 ownership split between MGL and IBC US. This agreement is subject to regulatory approvals. IBC US will leverage its expertise from a pilot facility in Seoul, South Korea, to advance Li-ion cell production for the Indian market.