Shares of Mahanagar Gas Ltd. (MGL) rose by 1.29% to ₹1,848.35 following the company’s announcement of a significant investment plan. MGL has executed a non-binding term sheet with International Battery Company Inc. (IBC), based in the United States, to establish a joint venture focused on energy storage solutions. MGL plans to invest up to ₹385 crore in this venture for a minimum 40% stake in International Battery Company Private Limited, a new Indian joint venture that will focus on advanced battery manufacturing and energy solutions.
The investment will be made in phases and is expected to enhance MGL’s presence in the fast-growing clean energy and energy storage sector. The joint venture is a strategic move by MGL to diversify its business portfolio and explore opportunities in energy transition technologies, aligning with the global push toward cleaner energy alternatives. Further steps, including definitive agreements, will be finalized in due course.
The move comes as part of MGL’s broader strategy to expand beyond its traditional business lines, positioning itself as a key player in the energy storage and battery solutions space.
