Kolkata, Mar 20 (PTI) Himadri Speciality Chemical Ltd on Wednesday announced that it has acquired a 40 per cent stake in a lithium-ion electrode materials firm.
The company informed the stock exchanges that it acquired the 40 per cent stake in Kolkata-based Invati Creations for Rs 45.16 crore through a combination of cash and a share swap deal.
This announcement comes on the heels of Himadri Speciality’s plan to build India’s first-ever commercial plant for lithium-iron-phosphate (LFP) cathode active material in Odisha, with an estimated cost of Rs 1,125 crore.
Himadri’s decision to invest in Invati aligns with its vision of producing high-quality lithium-ion (Li-ion) battery materials and strengthens its commitment to exploring innovative technologies in the battery material segment, the company said.
“Invati, promoted by alumni from IIM Kolkata and IIT Kharagpur, holds multiple patented and patentable technologies for novel molecule inventions, spanning various applications, including the pioneering development of the first-ever broad-spectrum antiviral drug molecule,” the company said.
Himadri Speciality Chemical CMD and CEO Anurag Choudhary stated that this acquisition will leverage its foray into the storage battery material space as Invati emphasises the vision to positively impact the storage efficiency, charging speed, and lifespan of lithium-ion batteries.
Demand for lithium-ion batteries is soaring with greater adoption of electric vehicles and power storage applications as the country moves towards the net zero target. PTI BSM BDC
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.