MGL ventures into battery cell manufacturing, plans giga factory in Bengaluru

"MGL and IBC US will set up a giga factory in India for Indigenous battery cell manufacturing," Ashu Shinghal, Managing Director of MGL said.

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26 Aug, 2025 12:21

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City gas distribution company Mahanagar Gas (MGL) has signed a pact with America's International Battery Company to form a joint venture to foray into battery cell manufacturing, the company informed on November 7.

MGL will be investing an aggregate sum of Rs 230 crore, with MGL and IBC subscribing in the agreed proportion of 44:56 shareholding percentage, respectively. The JV is setting up a state-of-the-art giga factory in Bengaluru, and MGL said it intends to take at least 40% stake in IBC. "The India facility will be a technology agonistic plant which will initially produce prismatic NMC Li-ion cells having wide application across mobility and battery storage sector," the company said in a statement.

This move strengthens MGL's position in India's energy space, the company said. "MGL and IBC US will set up a giga factory in India for Indigenous battery cell manufacturing," Ashu Shinghal, Managing Director of MGL said. The initiative aligns with the 'Make in India' theme and aims to reduce import dependence for battery cells aside of boosting energy security.

MGL said it will engage in manufacturing, promotion, marketing, distribution and sale of battery cells in India through this JV. MGL will appoint two directors and IBC US shall appoint three directors on the Board of IBC India.

IBC is a leading global Li ion cell product company with expertise in product development and manufacturing.

"IBC is backed by some of the leading financial investors in India and the world such as RTP Global, BEENEXT, Shastra VC and Falcon X as well as a very strong strategic investor and partner from South Korea in JASTECH. IBC’s go to market product was designed specifically to address the pain points of the Indian OEMs and consumers. Energy independence is a key objective for any nation and more so India and Li ion cells are at the core of this objective," Priyadarshi Panda, CEO of IBC, Inc said.

IBC, Inc added that the it intends to leverage MGL’s strengths in India's energy sector to bring Made in India and for India Li ion cells to Indian consumers.