Himadri Speciality Chemicals Ltd is acquiring a 40 per cent stake in a Calcutta-based start-up that focuses on the use of nano technology in the lithium-ion battery component.
Himadri, which announced plans to manufacture Li battery components in Odisha, is going to spend Rs 45.16 crore for the stake in Invati Creations Private Ltd to support the latter’s growth plans and scale up operations.
Founded by Nilanjan Deb and Mukeshh Agarwal, alumni of IIT Kharagpur and IIM Calcutta, respectively, the start-up is working on nano anode and nano cathode technologies, which can potentially result in smaller yet efficient batteries.
Anurag Choudhary, chairman and managing director of the company, said: “Their technology complements our portfolio in the battery material segment and we foresee an elevation in the performance, safety, and recyclability of batteries.”
Agarwal added, “Our research team is focusing on making Lithium-iron-phosphate batteries last longer and safer. We’re also testing new cathode materials for faster charging and have developed a cathode that maintains its integrity over many charging cycles.”
Himadri will appoint two directors on the board of Invati. It will acquire Invati’s stake by infusing Rs 19.99 crore of cash. The balance Rs 25.17 crore will be discharged through a share swap by way of issuance of 7.9 lakh shares of Himadri on preferential basis to Invati promoters.
Preferential allotment
Himadri, which acquired Birla Tyres in 2023, is issuing convertible warrants to promoters (Anurag Choudhary & family) and certain identified individuals, raising Rs 342.77 crore. Following the conversion of warrants to shares at Rs 316 apiece, promoters’ stake will go up to 51.11 per cent from 50.29 per cent now.
