Mahanagar Gas Limited — Updates, 07-11-2024: Press Release

Mahanagar Gas Limited (MGL) has signed Share Subscription and Shareholder Agreements with International Battery Company, Inc. (IBC US) and International Battery Company India Private Limited, planning to acquire at least 40% equity in IBC India. This joint venture aims to establish a giga factory in Bangalore for local Li-ion cell production, enhancing India's energy independence. MGL's entry into cell manufacturing aligns with its commitment to cleaner energy and meets market demands for locally sourced battery cells.