ENA Sectors 2024-11-08 16:29:32 <p><span style="font-size:14px"><strong>New Delhi, Nov 8 (KNN)</strong> Mahanagar Gas Limited (MGL) has announced plans to establish a joint venture with International Battery Company (IBC US) for manufacturing and distributing battery cells in India, marking its entry into the battery manufacturing sector.</span></p> <p><span style="font-size:14px">According to a regulatory filing on Thursday, MGL has signed both share subscription and shareholding agreements with California-based IBC US. </span></p> <p><span style="font-size:14px">The joint venture will operate through International Battery Company India Private Limited, currently a wholly-owned subsidiary of IBC US. </span></p> <p><span style="font-size:14px">This development follows last month's announcement of a non-binding term sheet, where MGL proposed an investment not exceeding Rs 385 crore for a minimum 40 per cent stake in the venture.</span></p> <p><span style="font-size:14px">IBC US, which operates a pilot facility in Seoul, South Korea, has already secured key certifications including UN 38.3, BIS, and AIS for their prismatic NMC cells. </span></p> <p><span style="font-size:14px">The joint venture plans to establish a giga factory in Bangalore, designed as a technology-agnostic facility that will initially focus on producing prismatic NMC Li-ion cells for mobility and battery storage applications.</span></p> <p><span style="font-size:14px">MGL Managing Director Ashu Shinghal emphasised that this venture aligns with the company's strategic expansion beyond its core city gas distribution business. </span></p> <p><span style="font-size:14px"> MGL has already committed investments in LNG retail, CBG, and Electric Vehicle manufacturing. This foray into battery cell manufacturing strengthens our position in the evolving energy space, Shinghal stated.</span></p> <p><span style="font-size:14px">The partnership aims to establish indigenous battery cell manufacturing capabilities in India, reducing dependency on imports and enhancing the sector's competitiveness. </span></p> <p><span style="font-size:14px">The collaboration leverages IBC's global technical expertise and MGL's established presence in India's energy landscape.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39854 https://knnindia.co.in/news/newsdetails/sectors/mahanagar-gas-to-enter-battery-manufacturing-through-joint-venture 2024-11-08 16:29:32 knnindia.co.in