City-based Himadri Speciality Chemical Ltd is going to acquire a 16.24 per cent stake in International Battery Company, a US-based technology developer and manufacturer of lithium-ion cells, for ₹37.47 crore.

Anurag Choudhury, chairman and managing director and CEO of Himadri, described the acquisition as a forward integration, demonstrative of the company’s ability to produce quality cathode and anode material that goes into the battery meant for electric mobility.

IBC, founded by MIT educated Priyadarshi Panda, is operating a 50 MWh lithium-ion battery cell manufacturing facility in South Korea. It is also setting up a gigafactory in Bengaluru through a joint venture partner Mahanagar Gas Limited (MGL), a subsidiary of GAIL (India) Ltd.

“Anode and cathode materials are the most critical components of an Li cell, accounting for 65 per cent of the total cost and directly influencing battery performance and reliability. Himadri’s materials, jointly tested with IBC, have demonstrated outstanding results,” Choudhury said.