Himadri Speciality Chemical Ltd is set to acquire a 10–12% equity stake in International Battery Company (IBC), a US-based lithium-ion battery cell technology firm. The deal, estimated to be valued between $10 million and $12 million, is expected to be finalized and officially announced later this month. This strategic move will mark Himadri’s entry into the global new energy market, expanding its footprint and reinforcing its presence in the evolving clean energy value chain.

IBC is currently valued at around $100 million and operates in both the United States and South Korea. The company has a 35,000-square-foot production facility in South Korea, which is dedicated to manufacturing lithium-ion battery cells. Earlier this year, Mahanagar Gas Ltd (MGL), an Indian energy firm, acquired a significant 44% stake in IBC for Rs.385 crore (approximately $46 million). This existing investment reflects strong Indian interest in IBC’s innovative technology and growth potential.

As part of their expansion strategy, IBC and MGL are collaborating to establish a 500 MWh gigafactory near Bengaluru. This plant aims to localize battery production in India, significantly reducing costs and supporting the nation’s rapidly growing electric mobility and energy storage sectors. The Bengaluru gigafactory is expected to enhance supply chain efficiency while boosting India's domestic manufacturing capabilities in the green energy sector.

Currently, Himadri supplies both anode and cathode materials to IBC, which forms a key component of lithium-ion battery cells. By acquiring a stake in IBC, Himadri aims to deepen its role in the battery supply chain and move closer to end-use applications. The partnership will allow Himadri to diversify its product portfolio, build new market opportunities, and participate more directly in battery innovation and production.

Himadri also recently revealed its plan to develop a large-scale LFP (lithium iron phosphate) production facility. The proposed plant will be built in phases over a five to six-year period, with a target capacity of 200 million tonnes of LFP annually—equivalent to producing 100 GWh of lithium-ion batteries. Once completed, this would be the first LFP facility of its kind outside of China, marking a significant milestone in global battery materials manufacturing.

Through its investment in IBC, Himadri aims to integrate more deeply into the global battery value chain, tap into advanced battery technologies, and support India’s transition to clean energy by leveraging international collaborations and localized manufacturing.