Graphite India has received approval for acquisition of compulsory convertible preference shares (CCPS) of Godi India (GIPL) at a consideration value of Rs 50 crore, which amounts to the company holding 31% of the equity/equity equivalent on a fully diluted basis in GIPL.
The proposed investment by Graphite India in GIPL is part of its strategy to diversify into advanced battery technologies to develop a leading EV battery cell business and battery materials for Indian and global markets. The significant growth in EV sales is the driving force behind a continually growing demand for EV Battery Cells and GIPL is uniquely positioned to capitalise on this opportunity. The board of directors of the Company have approved the same.
The company is engaged in the business of manufacturing Graphite electrodes, graphite equipments, steel, GRP pipes and tanks and generation of hydel power.
