Mahanagar Gas to invest Rs 2.3 billion in battery gigafactory with IBC India
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.
