Graphite India, a leading manufacturer of graphite electrodes and carbon products, has acquired a 31% stake in Godi India, a Hyderabad-based company that specializes in advanced battery technology, for Rs 50 crore.
The deal will give Graphite India access to Godi India’s research and development (R&D) capabilities and its plans to set up a giga-factory for lithium-ion cell manufacturing in India by 2024.
Godi India, which is backed by Blue Ashva Capital, a venture capital fund, is engaged in R&D and giga-scale manufacturing of sustainable green energy storage technology, such as lithium-ion batteries, sodium-ion batteries, solid-state batteries, and supercapacitors.
The company also offers recycling solutions for spent batteries and aims to achieve a zero-carbon footprint by adopting environmentally friendly processes and materials.
Graphite India, which has six plants in India and a subsidiary in Germany, produces graphite electrodes and other carbon and graphite specialty products for various industries, such as steel, aluminium, chemicals, and solar. The company also has a stake in a US-based company that is developing graphene sheets, a novel material with potential applications in electronics, energy, and biotechnology.
The investment in Godi India will help Graphite India diversify its product portfolio and tap into the growing demand for energy storage solutions in India and abroad. The company expects to benefit from Godi India’s expertise in developing innovative materials and cell chemistries for next-generation batteries, which can reduce the cost and enhance the performance and safety of the batteries.
Mahesh Godi, the founder and CEO of Godi India, said that the partnership with Graphite India will enable the company to scale up its operations and realize its vision of building a world-class giga-factory in India. He added that Godi India is committed to providing high-quality and cost-effective battery solutions for electric vehicles, renewable energy storage, and strategic sectors.
Graphite India said that the transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by March 2024. The company also said that it will continue to explore other opportunities in the energy storage space to strengthen its position in the market.