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Himadri Eyes Stake in US Battery Firm to Expand in EV Sector

Himadri Speciality Chemical Ltd, based in Kolkata, is in advanced talks to acquire a 10-12% stake in International Battery Company (IBC), a US-based lithium-ion battery cell technology firm. The deal, valued at approximately Rs84-100.8 crore, could be finalized later this month. This marks Himadri’s strategic move into the battery cell manufacturing space, shifting from being a speciality materials provider to a vertically integrated player in the new energy ecosystem.

IBC, valued at Rs8400 crore, operates in the US and South Korea, with a 35,000-square-foot facility producing lithium-ion cells shipped to India for assembly. Earlier this year, Mahanagar Gas Ltd acquired a 44% stake in IBC and is setting up a 500 MWh gigafactory near Bengaluru, expected to begin operations by December 2025. The facility will help localize production, reduce costs, and meet the surging demand in India’s EV and energy storage markets.

Himadri’s core offerings include carbon black, anode materials, lithium iron phosphate cathode materials, and lithium refining components—elements accounting for 65% of a battery cell’s cost. The investment in IBC aims to enhance its margins and position the company as a comprehensive player in India’s rapidly evolving energy transition landscape.