Anagram Partners advised Mahanagar Gas Limited (MGL) in its ₹2.3 billion strategic partnership with International Battery Company, Inc. (IBC) to establish one of India’s first giga factories dedicated to manufacturing prismatic lithium-ion cells.
The parties will invest in International Battery Company India Private Limited to form a joint venture company, a subsidiary of IBC US. MGL is expected to take a stake of 40% in the subsidiary.
Anagram Partners' transaction team consisted of Faraz Khan (Partner), Rajesh Simhan (Partner), Afaan Arshad (Principal Associate), Rachana Rautray (Principal Associate) and Shikha Tripathi (Senior Associate).
The facility will produce prismatic NMC (Nickel Manganese Cobalt) lithium-ion cells, catering to India's mobility and battery storage sectors. IBC US brings advanced technology and certifications, including UN 38.3, BIS, and AIS, for their prismatic NMC cells. This initiative supports MGL's strategy to diversify its energy portfolio, enhance renewable energy capabilities, and reduce India's dependency on imported battery cells.
Mahanagar Gas Limited is one of India's leading natural gas distribution companies, supplying Compressed Natural Gas and Piped Natural Gas across Mumbai and its adjoining areas.
International Battery Company is a full-service lithium-ion product company specializing in the design, development, and manufacturing of prismatic form factor cells for niche players in the mobility and storage sectors.
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