Chemical major Himadri picks up 16 pc stake in US battery firm
'This marks a significant milestone for Himadri as it initiates the commercial deployment of its LFP cathode active and anode materials,' it said.
The investment will also provide HSCL with representation on IBC's board, the company said in a statement.
Kolkata, May 22 (PTI) Himadri Speciality Chemical Ltd (HSCL) on Thursday said it has made a strategic investment of USD 4.43 million to acquire a 16.24 per cent stake in US-headquartered International Battery Company Inc (IBC).
IBC has prismatic cell technologies for energy storage and mobility applications across global markets. It currently operates a 50 MWh lithium-ion battery cell facility in South Korea, which commenced production in 2023.
Additionally, IBC is developing a Gigafactory in Bengaluru through its joint venture with Mahanagar Gas Ltd (MGL), a subsidiary of GAIL.
The JV, IBC India Pvt Ltd, is 44 per cent owned by MGL, and the gigafactory is expected to commence operations by the fourth quarter of FY'26, the statement added. PTI BSM BDC
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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