MGL, IBC US to Set Up Li-ion Battery Plant in India
Mahanagar Gas Ltd (MGL) and International Battery Company, Inc. (IBC US) sign agreements to participate in a joint venture in India for the production of lithium-ion battery cells. The factories set up in Bangalore as a giga factory for prismatic NMC cells will be producing prismatic NMC cells for the mobility and battery storage sectors without dependency on imports and as an implementation measure for 'Make in India'.
On 7 November, MGL signed a Share Subscription Agreement and Shareholding Agreement with IBC US after a non-binding term sheet agreed on October 7, 2024. MGL will take at least 40% of what is currently owned as a subsidiary by IBC US in the venture. The prismatic NMC cells to be made will have attributes ideal for the Indian market; these being fast charging, tolerance for high temperatures, as well as recyclability.
MGL has emerged as a prime player in the energy landscape of India. The new venture will enable MGL and IBC US to establish a giga factory where this vital battery cell supply, currently imported, can be sourced locally for consumers", said Ashu Shinghal, Managing Director of MGL.
Based out of California, IBC US has developed a pilot facility in South Korea and has received certifications that include UN 38.3 and BIS for products. IBC CEO Priyadarshi Panda said, "This partnership will strengthen the indigenous supply chain and cut forex expenditure". The venture will contribute to India's energy independence.
