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Mahanagar Gas Ltd Enters into Share Subscription Agreement with International Battery Company

Mahanagar Gas Ltd (MGL) has entered into a Share Subscription Agreement (SSA) and a Shareholding Agreement (SHA) with International Battery Company, Inc. (IBC US) on November 7, 2024. The agreement aims to form a joint venture company, International Battery Company India Private Limited (IBC), which is currently a 100% subsidiary of IBC US. The joint venture will set up a state-of-the-art giga factory at Bangalore for the production of prismatic NMC Li-ion cells, focusing on the specific requirements of the Indian market. MGL intends to take at least 40% stake in IBC. The India facility will be a technology agonistic plant which will initially produce prismatic NMC Li-ion cells having wide application across mobility and battery storage sector.

• Mahanagar Gas Ltd (MGL) and International Battery Company, Inc. (IBC US) have signed a Share Subscription Agreement (SSA) and a Shareholding Agreement (SHA) to form a joint venture company, International Battery Company India Private Limited (IBC).
• The joint venture will set up a state-of-the-art giga factory at Bangalore for the production of prismatic NMC Li-ion cells, focusing on the specific requirements of the Indian market.
• MGL intends to take at least 40% stake in IBC.
• The India facility will be a technology agonistic plant which will initially produce prismatic NMC Li-ion cells having wide application across mobility and battery storage sector.
• IBC US has put up a state-of-the-art pilot facility in Seoul, South Korea for development and production of Li-ion cell and has secured certifications such as UN 38.3, BIS, and AlS for their prismatic NMC cells.