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Speciality chemicals manufacturer Himadri Speciality Chemicals Limited has made an additional investment in Australia-based battery materials company Sicona Battery Technologies Pty Ltd through the subscription of compulsorily convertible notes (CCNs), the company said in a stock exchange filing.
The company invested A$25,59,000, or about ₹17.54 crore, in the latest tranche through the subscription of 25,59,000 CCNs with a face value of A$1 each.
The investment follows Himadri’s earlier commitment to invest in Sicona through multiple tranches.
New South Wales-based Sicona Battery Technologies develops silicon-carbon anode materials for lithium-ion batteries. According to the company, its battery materials can improve energy density by 20 per cent and enable batteries to charge 40 per cent faster. Sicona holds 126 patents globally.
Anurag Choudhary, Chairman and Managing Director of Himadri Speciality Chemicals, said, “The investments in Sicona Battery Technologies is an exclusive technology licensing partnership that grants Himadri the rights to access, localize and commercialize Sicona’s proprietary silicone-carbon anode technology in India.”
Capacity expansion underway
Himadri said the investment aligns with its plans to expand in EV battery materials.
The company is currently expanding capacity to meet demand from cell manufacturers across different stages of sample approvals. The expansion is scheduled to be completed by the second quarter of FY27.
Before the latest investment, Himadri had invested A$1,41,94,000, or around ₹98 crore, through the subscription of 1,41,94,000 CCNs. Following the latest tranche, the company now holds 1,67,53,000 CCNs in Sicona.
The remaining investment for 16,94,000 CCNs will be made in later tranches, the company said.
Himadri added that the investment structure does not currently provide additional voting rights or management control in Sicona, as the CCNs are convertible into shares under agreed terms. Upon conversion of all planned investments, Himadri’s holding in Sicona could increase to 24 per cent.
The company said the investment may also support its forward integration plans in battery materials and EV-related businesses.
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