Technology

Mahanagar Gas forms JV with IBC for battery manufacturing

Last month, MGL had announced the signing of an indicative and non-binding term sheet with International Battery Company for a proposed investment in IBC of an amount not exceeding INR 3.85 billion.

India's Mahanagar Gas (MGL) is forming a joint venture entity with International Battery Company for undertaking the manufacturing, promotion, marketing, distribution and sale of battery cells to customers in India. In a regulatory filing MGL stated that it has signed a share subscription agreement (SSA) and a shareholding agreement (SHA) with International Battery Company, Inc. (IBC US).

Both parties will invest in International Battery Company India Private Limited (IBC) to form a joint venture company, which is currently a 100% subsidiary of IBC US. Last month, MGL had announced the signing of an indicative and non-binding term sheet with International Battery Company, Inc, a Delaware Corporation, for a proposed investment by the company in IBC of an amount not exceeding INR 3.85 billion, for a stake not less than 40%.

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