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PNN
New Delhi [India], December 18: In pursuit of its future expansion strategy and as an integral step in establishing a greenfield project, Neogen Ionics Limited, a wholly owned subsidiary of Neogen Chemicals Limited (NSE Code: Neogen and BSE Code: 542665), today announced completion of land acquisition totaling approximately 65 acres in Pakhajan, Dahej PCPIR, Gujarat. Dedicated for battery materials and new future business opportunities, Neogen will set up the plant on this greenfield site to manufacture 30,000 MT of electrolytes and 4,000 MT of electrolyte salts and additives in the first phase. The electrolyte plant will be set up using Manufacturing Technology license from MUIS (a JV between Mitsubishi Chemical Corporation (MCC) and UBE Corporation and a group company of The Mitsubishi Chemical Group, a Japanese conglomerate) while electrolyte salts will be based on Neogen's indigenous technology developed in-house utilizing its 35 years of experience in manufacturing Lithium Salts. MUIS operates five plants across the globe and has more than 30 years of experience in manufacturing electrolytes for Lithium-Ion Batteries. The adoption of MUIS technology by Neogen ensures that the electrolytes produced are based on proven technology and adhere to established global standards for productivity and quality. This commitment warrants the safety of batteries manufactured using these electrolytes. For Neogen Ionics, the plant is expected to be operational in H2 of 2025. Neogen anticipates these electrolytes to meet the increasing demand from lithium-ion cell manufacturers in India and address the swiftly expanding international OEM demand for Electrolyte Salts and additives. Incorporated in 1989, Neogen Chemicals Limited is a leading manufacturer of Bromine based and Lithium based specialty chemicals. Currently, it has four operational manufacturing facilities, mainly in Gujarat, Maharashtra and Telangana spread across a total land area of approximately 58 acres. The newly acquired land alone admeasures approximately 65 acres and will be the largest facility of the group. Commenting on this development, Mr. Haridas Kanani, CMD, Neogen Ionics Limited said: "We are happy to conclude the land acquisition for our planned greenfield project dedicated to battery materials in a timely manner. As we advance in finalizing the design in collaboration with our technology license provider MUIS, we are well-positioned to commence operations in H2 of CY2025. This ensures alignment with our domestic and global customer timelines, allowing us to uphold our first-mover advantage in the Indian battery material supply chain. This signifies an important milestone in our growth journey and we remain grateful for the opportunity to serve as a reliable supplier to meet the increasing global demand for Lithium-Ion Batteries in EVs and energy storage applications. This facility will also allow us to undertake future expansions for electrolytes, electrolyte salts, and other essential battery materials." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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