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 Energy

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Next Story
Infrastructure Energy

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

Next Story
Infrastructure Energy

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?