Kolkata-headquartered Himadri Speciality Chemical is in advanced talks to acquire a 10-12per cent stake in International Battery Company (IBC), a US-based lithium-ion battery cell technology firm. The deal, if it goes through, is estimated to be at $10–12 million and is likely to be announced later this month, according to people familiar with the matter.

This strategic investment marks Himadri’s entry into the high-value battery cell manufacturing space, expanding its role from a speciality materials provider to an integrated player in the new energy ecosystem. IBC, currently valued at around $100 million, has operations in the United States and South Korea, with a 35,000-square-foot facility in the latter producing lithium-ion cells. These cells are then shipped to India for final assembly.

Emails sent to Himadri and IBC seeking confirmation remained unanswered.

Earlier this year, Mahanagar Gas acquired a 44per cent stake in IBC for ₹385 crore investment, forming a joint venture aimed at manufacturing and distributing lithium-ion cells in India. IBC along with MGL is in the process of setting up a 500 MWh gigafactory near Bengaluru, with operations expected to commence by December 2025. This plant will localise production, lower costs, and cater to India’s rapidly expanding mobility and energy storage markets.

Himadri’s core business spans carbon black, speciality chemicals, and new energy materials such as anode materials, lithium iron phosphate cathode materials, and lithium refining—components that account for roughly 65per cent of a battery cell’s cost. By investing in IBC, Himadri aims to boost vertical integration across the battery value chain, improving margins and positioning itself as a full-stack player in the EV and energy storage sectors.