Himadri Completes $4.43 Million Stake Buy In US-Based International Battery Co.

Himadri Speciality Chemical Ltd. on Tuesday said it has paid $4.43 million (around ₹374.7 million) to acquire a 16.2% stake in US-based International Battery Co. Inc. The deal involves purchase of 600,000 common shares from an existing shareholder, and subscription to 2.1 million common shares and 379,175 Series A Preferred shares of the battery maker.

The Kolkata-based company had announced the acquisition on May 22, stating the move would support the commercial rollout of its lithium ferro phosphate (LFP) cathode active and anode materials.

International Battery Co., which produces chemistry-agnostic prismatic lithium-ion cells, offers Himadri access to its manufacturing setup in South Korea and a planned Gigafactory in Bengaluru.