The EV battery race is speeding up with this multibagger stock’s entry
EV battery space over the past few months. More so in recent days after the Indian government extended the PLI benefits for additional segments of batteries. The interest in the EV battery segment had also picked up pace after India discovered lithium reserves.
Our top analyst Tanushree Banerjee is already calling this the beginning of India's lithium gold rush. She believes investors who get on to the EV lithium battery megatrend early could reap the richest dividends. So, it shouldn’t come as a surprise that Indian companies, big and small, are scrambling to figure out how they can make the most of this technology in differentiated ways.
Yesterday, a specialty chemical company committed to invest a huge-sum to set up a manufacturing facility for lithium-ion battery components. Earlier this week on 6 December 2023, Himadri Speciality Chemical said it will invest ₹48 billion (bn) over the next 5-6 years to set up a manufacturing facility for lithium-ion battery components. The board meeting was held on 5 December 2023 to approve this proposal.
The company will set up a manufacturing facility for production of lithium battery components with total annual production capacity of 200,000 tonnes, either directly and/or through its subsidiaries. In an exchange filing, the company said that this will help in indigenisation of lithium-ion battery raw materials for global and India's electric vehicle (EV) & energy storage system (ESS). Currently categorised as a smallcap, Himadri Specialty Chemicals is transforming into a diversified chemical company with its toes dipped in niche segments.
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