Graphite India acquires 31% stake in GODI for INR 50 crores
Graphite India Limited, a global producer of graphite electrodes (BSE: GRAPHITE; NSE: 509488), has acquired a 31% stake in GODI India Private Ltd (“GODI India”), a company involved in advanced chemistry research and development for sustainable batteries and supercapacitor-based energy storage systems. The investment was made through a cash consideration of INR 50 Crores in Compulsory Convertible Preference Shares of GODI India, which, on a fully diluted basis, will provide an equity shareholding of 31% in the company.
Currently backed by Blue Ashva Capital, a venture capital fund, GODI India focuses on technologies such as Lithium-ion, Sodium ion, and Solid-State batteries, along with environmentally friendly and carbon neutral processes like Aqueous Electrode ProcessingTM, Active Dry CoatingTM and Pranic BinderTM, said a release. GODI India is a signatory to The Climate Pledge, co-founded by Amazon and Global Optimism in 2019, and aims to achieve net-zero carbon by 2040.
Commenting on the investment, Mr. Ashutosh Dixit, Executive Director of Graphite India, said, “We are delighted to announce Graphite India’s strategic investment in GODI India, as part of its strategy to diversify into advanced battery and energy storage systems technologies. GODI India is leading the development of Lithium ion, Sodium ion and Solid-State batteries for electric vehicles and consumer electronics for Indian and global markets. This strategic move reaffirms Graphite India’s commitment towards technological innovation and growth, which is a significant step for creating a diversified business portfolio.”
Commenting on the development, Mr. Mahesh Godi, the Founder and Director of GODI India said, “Over the years, GODI India’s team of seasoned scientists and manufacturing experts have successfully developed all the essential battery materials and components using environmentally friendly processes. Our battery product applications focus on the high growth, dynamic electric vehicle and consumer electronics markets. In addition, GODI India has also developed supercapacitors for a wide range of regenerative energy storage systems for industries including automobiles, trains, telecom towers and power transmission grids. As a testament to our R&D capabilities, the company received India’s first Bureau of Indian Standards (BIS) certification for in-house developed electric vehicle battery cells. We welcome this strategic partnership with Graphite India not just for their long-standing expertise in carbon and electrode manufacturing, but also for their perspectives on other synergistic technologies.”
Graphite India is one of the largest producers of graphite electrodes globally. Its manufacturing capacity of 98,000 MT per annum is across three plants at Durgapur and Nashik in India and Nurnberg in Germany. It is enhancing its presence in value-added graphite products for the automotive, aerospace, chemical, pharmaceutical, metallurgical and machine tool industries. The Company also has facilities designed for the manufacture of impervious graphite equipment. Graphite India has a total renewable power capacity of 18 MW and has planned to increase this to 37 MW by the end of March 2024. Graphite India, through a subsidiary, has progressively acquired a 60.12% stake in General Graphene Corporation, a US-based company which has developed a breakthrough proprietary technology which would allow the production of large-area, high-quality, low-cost graphene sheets in industrial applications in scaled-up commercial volumes.
Also read: GODI India aims to build the first Giga factory for cell manufacturing
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