Graphite India makes a strategic move: Acquires 31% stake in battery maker Godi India
Graphite India, a graphite electrodes and carbon specialty product manufacturing company has acquired a 31 percent shareholding in a Hyderabad-based battery manufacturer, Godi India.
Graphite India entered a definitive agreement through a cash consideration of INR 50 crores for the investment. Through the latest acquisition, Graphite India is seeking to diversify into advanced battery technologies and energy storage systems (ESS) business.
"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," said Ashutosh Dixit, Executive Director, Graphite India.
Currently, Godi India is backed by venture capital fund, Blue Ashva Capital and engages in advanced chemistry R&D to manufacture batteries that are used in EVs and supercapacitor-based ESS. Godi India's present technologies include Aqueous Electrode Processing, Active Dry Coating, and Pranic Binder -- the company claims these technologies to be environment-friendly and developed through carbon-neutral processes.
"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," said Mahesh Godi, Founder and Director of Godi India.
"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," Godi added.
In July 2022, Godi India became the first Indian company to receive Bureau of Indian Standards (BIS) certification for in-house developed electric vehicle battery cells.