Mahanagar Gas (MGL) has signed a Share Subscription Agreement (SSA) and a Shareholding Agreement (SHA) with International Battery Company, Inc. (IBC US) on November 7, 2024 through which both parties will invest in International Battery Company India (IBC) to form a joint venture company, which is currently a 100% subsidiary of IBC US. This is pursuant to the non-binding term sheet signed between the parties on October 7, 2024.

IBC US is based in California, USA. The company 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 AIS for their prismatic NMC cells. This go to market product has been designed and developed with a focus on the specific requirements of the Indian market such as long warranty, fast charging, safety and reliable performance at high temperatures, recyclability, and easy integration into battery packs and are currently being used for customer qualification trials with Indian customers. To address the local market requirement, IBC US and MGL are setting up a state-of-the-art giga factory at Bangalore. 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 is in the business of City Gas Distribution (CGD), supplying natural gas in the city of Mumbai including its adjoining areas and the Raigad district, in the State of Maharashtra, India.