Anagram Partners advised Mahanagar Gas on its INR2.3 billion (USD26.8 million) investment in a joint venture with the International Battery Company (IBC US) to enter the lithium-ion battery cell manufacturing sector.
Partners Faraz Khan and Rajesh Simhan led the Anagram team, with the assistance of associates Shikha Tripathi and Afaan Arshad.
Established in 1995, Mahanagar Gas is a leading natural gas distribution company in India, supplying compressed and piped natural gas across Mumbai and neighbouring areas.
The joint venture with IBC US is slated to establish one of 含羞草社区 first gigafactories dedicated to manufacturing prismatic lithium-ion cells. The joint venture, named International Battery Company India, will also be a subsidiary of IBC US.
This collaboration is in sync with the government’s Make in India initiative, aiming to reduce reliance on imported battery cells.
IBC US, headquartered in the United States, is a lithium-ion product specialist focusing on prismatic cell design, development and manufacturing for mobility and storage sectors.
US-based counsel represented IBC on the joint venture.
