Himadri Speciality Chemical Ltd (HSCL) has announced a strategic investment of USD 4.43 million (approx. INR 37.47 crore) to acquire a 16.24% stake in International Battery Company (IBC), a U.S.-headquartered developer of prismatic lithium-ion cells.
IBC operates a 50 MWh battery cell facility in South Korea and is developing a Gigafactory in Bengaluru in partnership with Mahanagar Gas Ltd (MGL). The facility, expected to be operational by Q4 FY26, will cater to last-mile fleet operators and two- and three-wheeler OEMs, with a focus on both domestic and export markets.
Through this partnership, Himadri gains access to IBC’s global manufacturing infrastructure, expanding customer base, and proprietary Industrial AI platform. In return, IBC secures a stable supply of high-performance anode and LFP cathode materials, co-developed and tested with Himadri.
Anurag Choudhary, CMD & CEO, Himadri, said, “With battery materials accounting for nearly 65% of a cell’s cost, our advanced solutions will play a crucial role in enabling scalable and sustainable energy storage.”
The collaboration aligns with India’s energy transition goals, anchoring advanced battery innovation within the country while enabling global competitiveness. It also strengthens IBC’s India execution roadmap, with over 500 EVs already powered by its cells and a growing order book of 4,300 electric two-wheelers.
Dr Priyadarshi Panda, CEO of IBC, called the partnership a “game changer” for India’s energy landscape, adding that it creates an end-to-end ecosystem “from molecule to finished product.”
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