Mahanagar Gas Completes 44% Stake Acquisition in International Battery Company India

Mahanagar Gas Ltd has completed an investment in 43,71,065 equity shares of International Battery Company India Private Limited (IBC India), thereby acquiring 44% of the paid-up equity share capital along with voting rights. The transaction does not fall under related party transactions. The objective of the investment is to diversify and expand the existing business operations of the Company, with plans to manufacture, promote, market, distribute, export, and sell battery cells through IBC India. The Company has invested a total consideration of Rs. 35,35,75,448/-. IBC India was incorporated on 22nd May, 2023 and has a net worth of Rs. 82,78,330/- as on 31st March, 2024.