Mahanagar Gas Limited (MGL) has signed a Share Subscription Agreement (SSA) and a Shareholding Agreement (SHA) with International Battery Company, Inc. (IBC US) to invest in a joint venture focused on lithium-ion battery cell manufacturing in India. This venture, through MGL’s stake of at least 40%, marks MGL’s strategic entry into the battery cell industry, aligning with India’s “Make in India” initiative.
The joint venture aims to establish a state-of-the-art giga factory in Bangalore, initially focusing on prismatic NMC Li-ion cells tailored for the Indian market. IBC’s pilot facility in Seoul has developed these cells with a focus on durability, safety, fast-charging, and recyclability, targeting India’s mobility and battery storage sectors.
MGL’s Managing Director, Mr. Ashu Shinghal, emphasized the company’s commitment to diversifying its clean energy portfolio. “MGL’s foray into battery cell manufacturing reinforces our commitment to a cleaner energy future and aligns with India’s goal of energy independence,” he said. “This venture will enable consumers to locally source battery cells, reducing import dependence and supporting India’s energy security.”
IBC’s CEO, Mr. Priyadarshi Panda, highlighted the significance of this partnership in achieving India’s energy independence, noting, “The collaboration between IBC and MGL will establish one of India’s first giga factories for Li-ion cells, addressing the nation’s need for a secure and indigenous supply chain for battery cells.”
