Anagram Partners advised Mahanagar Gas on its INR 2.3 billion (USD 26.8 million) investment in a joint venture with the International Battery Company (IBC US) to enter the lithium-ion battery cell manufacturing sector.
The Anagram team was led by Partners Faraz Khan and Rajesh Simhan, with support from associates Shikha Tripathi and Afaan Arshad.
Founded in 1995, Mahanagar Gas is a prominent natural gas distribution company in India, supplying compressed and piped natural gas across Mumbai and its neighboring areas.
The joint venture, named International Battery Company India, aims to establish one of India’s first gigafactories focused on manufacturing prismatic lithium-ion cells. It will also operate as a subsidiary of IBC US. This partnership aligns with the Indian government’s Make in India initiative, which seeks to reduce the country’s dependence on imported battery cells.
IBC US, based in the United States, is a specialist in lithium-ion products, concentrating on the design, development, and manufacturing of prismatic cells for the mobility and storage sectors.
US-based counsel represented IBC in the joint venture.
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