homemarket NewsHimadri Speciality Chemicals to spend ₹4,800 crore for lithium ion battery components foray
Himadri Speciality Chemicals to spend ₹4,800 crore for lithium-ion battery components foray
The estimated project cost is said to be worth ₹4,800 crore, which will be spent in phases over a period of five to six years. The investments will be made mostly through internal accruals and debt.
The board of carbon materials and chemicals manufacturer Himadri Speciality Chemicals Ltd. has approved the company's foray into Lithium-ion Battery (LiB) components manufacturing.
Himadri will be setting up a manufacturing facility with a total annual production capacity of 2,00,000 MT either directly and / or through its subsidiaries for manufacturing the Lithium-ion Battery components.
The estimated project cost is said to be worth ₹4,800 crore, which will be spent in phases over a period of five to six years. The investments will be made mostly through internal accruals and debt.
Himadri believes that the facility will enable the indigenisation of Lithium-ion Battery raw materials for global and Indian electric vehicles.
It is also expected to reduce dependency on fossil fuels and preservation of natural resources.
Himadri Speciality Chemicals was also part of CNBC-TV18's dealing room chatter on August 29, when it was highlighted that High Networth Individuals (HNIs) were buyers in the stock and that the street is expecting a corporate development to take place in the stock soon.
Shares of Himadri Speciality Chemicals ended 8% higher on Tuesday at ₹293, which is a record high. The stock is up 188% this year so far, making 2023 to be the second straight year when the stock has doubled in a calendar year.
This is the best calendar year performance for the stock since 2017 when the stock surged 362%.
(Edited by : Amrita)
First Published: Dec 6, 2023 7:49 AM IST
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