Himadri Speciality Chemical to acquire 40% stake in Invati Creations

Himadri will have two nominee directors on the board of Invati Creations Private Limited

The board of Himadri Speciality Chemical Limited, on Wednesday, approved the acquisition of a 40 per cent stake in Invati Creations Private Limited for a consideration of Rs 45.16 crore.

Invati, founded by alumni from IIM Calcutta and IIT Kharagpur, has a strong focus on engineering lithium-ion electrode materials for efficient energy storage with higher energy density and longer battery life, according to the statement.

As part of the deal, Himadri will partly acquire Invati’s stake by infusing Rs 19.99 crore cash as growth capital in Invati, and the balance of Rs 25.17 crore will be discharged through a share swap by way of issuance of 7,96,446 equity shares of the company, of face value Rs 1 each, on a preferential basis to the promoters of Invati.

Himadri will have two nominee directors on the board of Invati.

The Himadri Board also approved the issuance of 1.08 crore convertible warrants at a price of Rs 316, aggregating up to Rs 343 crore, by way of a preferential issue to the promoters and certain other identified persons.

Commenting on the acquisition, Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, said, “Our partnership with Invati emphasizes the vision to positively impact the storage efficiency, charging speed, and battery lifespan of lithium-ion batteries. Their technology complements our portfolio in the battery material segment, and we foresee an elevation in the performance, safety, and recyclability of batteries, focusing on contributing to clean energy technologies and addressing a substantial portion of the global demand.”

Mukeshh Agarwal, Director of Invati Creations Private Ltd, added, “Our research team is focusing on making lithium-iron-phosphate (LFP) batteries last longer and safer. We're also testing new cathode materials for faster charging and have developed a unique cathode that maintains its integrity over many charging cycles.”