Neogen Chemicals Limited has informed that its wholly owned subsidiary, Neogen Ionics Limited (NIL), has executed a Joint Venture Agreement (JVA) with Morita Investment Limited (MIL), a wholly owned subsidiary of Morita Chemicals Industries Co. Limited (MCL), Japan. The agreement was finalized on August 31, 2025, following board discussions that began on August 30, 2025.
The JVA provides for NIL and MIL to invest in Neogen Morita New Materials Limited (NML), a wholly owned subsidiary of NIL. NML will undertake the business of production, development and sale of solid LiPF6 salt, along with other materials and related products as may be decided by the parties. Solid LiPF6 salt is a key input used in producing electrolytes for lithium-ion batteries.
Under the terms of the JVA, NIL will hold a minimum of 80 percent of the share capital of NML, while MIL will hold up to 20 percent. The final amount of investment will be determined after a detailed engineering exercise, with NIL and MIL contributing funds in proportion to their shareholding. NML’s proposed manufacturing facility will be located at Pakhajan, Gujarat.
The agreement also sets out governance provisions. NIL will have the right to nominate up to four directors on NML’s board, while MIL will have the right to nominate one director, subject to holding at least 10 percent of the equity shareholding.
Morita Chemicals Industries Co. Limited is a Japanese chemical company with more than 100 years of operations and over 30 years of experience in lithium salt manufacturing. It has production facilities in Japan and China, and presence in Europe and the United States. MIL was established by MCL to undertake strategic investments.
Neogen Ionics Limited is engaged in the manufacture of lithium-ion battery materials, including electrolytes and lithium electrolyte salts, as well as specialty organic and inorganic chemicals. It operates plants at Pakhajan and Dahej SEZ in Gujarat and is headquartered in Thane, Maharashtra.
