Mahanagar Gas Limited — Important, 07-11-2024: Agreements

Mahanagar Gas Limited (MGL) has entered into a Share Subscription and Shareholder's Agreement with International Battery Company, Inc. (IBC US) and its subsidiary, IBC India. MGL plans to acquire a minimum 40% stake in IBC India, aiming to engage in local manufacturing of battery cells for the Indian market. The partnership involves setting up a giga factory in Bangalore to produce Li-ion cells, enhancing local supply chains and supporting India's energy independence goals.