Announces JV with Australian company in nano silicon technology for EV battery applicationPCBL - 301 Change: -5.00 (-1.63 %)
News: Company in a regulatory filing has announced entering into a JV with Kinaltek Pty limited (Australian company, which has developed nano silicon technology for EV battery application) with 51% equity stake in the JV with initial investment of US$ 16 million (~₹ 130 crore) with further commitment to infuse additional capital to the tune of US$ 28 million (~₹ 230 crore) in stages for setting up a manufacturing facility.
Views: Company counts this as a major step towards creating a value-added portfolio of products and marks its entry into products for battery applications, which is a high growth and highly profitable segment. This is indeed a forward integration measure as PCBL is close to developing battery grade advance carbon material for EV applications. With rising penetration of EV vehicles domestically as well as globally this is a positive development for the company. Given their fast execution skills some meaningful developments are awaited in the near term on this front.