Mahanagar Gas and IBC to build Rs 2.3 billion li-ion cell gigafactory
OIL & GAS

Mahanagar Gas and IBC to build Rs 2.3 billion li-ion cell gigafactory

Mahanagar Gas (MGL) will invest Rs 2.3 billion in a joint venture with the International Battery Company (IBC US) to establish a gigafactory in Bengaluru for manufacturing prismatic NMC Li-ion cells. These cells are crucial for the mobility and battery storage industries and will contribute to India’s growing battery production capabilities.

The partnership, formed through a share subscription and shareholding agreement between MGL and IBC US, will see IBC India set up the joint venture. MGL and IBC US will each hold 44% and 56% of the shares, respectively, subject to regulatory approvals.

IBC US, based in California, will bring its expertise from a pilot facility in Seoul, South Korea, where it has been developing Li-ion cells. The initiative aims to meet the increasing demand for locally produced battery cells in India, reducing the reliance on imports.

MGL's Managing Director, Ashu Shinghal, highlighted that entering the battery manufacturing sector aligns with the company’s broader energy strategy. IBC CEO Priyadarshi Panda emphasized that the Li-ion cells are designed specifically to meet the needs of Indian OEMs and consumers, helping India achieve greater energy independence.

This move follows MGL’s February 2024 acquisition of a 30.97% stake in 3ev Industries, a manufacturer of three-wheel electric vehicles, and its previous collaboration with Tata Power to explore e-mobility solutions and solar energy initiatives. (Mercom)

Mahanagar Gas (MGL) will invest Rs 2.3 billion in a joint venture with the International Battery Company (IBC US) to establish a gigafactory in Bengaluru for manufacturing prismatic NMC Li-ion cells. These cells are crucial for the mobility and battery storage industries and will contribute to India’s growing battery production capabilities. The partnership, formed through a share subscription and shareholding agreement between MGL and IBC US, will see IBC India set up the joint venture. MGL and IBC US will each hold 44% and 56% of the shares, respectively, subject to regulatory approvals. IBC US, based in California, will bring its expertise from a pilot facility in Seoul, South Korea, where it has been developing Li-ion cells. The initiative aims to meet the increasing demand for locally produced battery cells in India, reducing the reliance on imports. MGL's Managing Director, Ashu Shinghal, highlighted that entering the battery manufacturing sector aligns with the company’s broader energy strategy. IBC CEO Priyadarshi Panda emphasized that the Li-ion cells are designed specifically to meet the needs of Indian OEMs and consumers, helping India achieve greater energy independence. This move follows MGL’s February 2024 acquisition of a 30.97% stake in 3ev Industries, a manufacturer of three-wheel electric vehicles, and its previous collaboration with Tata Power to explore e-mobility solutions and solar energy initiatives. (Mercom)

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?