Speciality chemical conglomerate Himadri Speciality Chemical expects to get around 35 per cent of its turnover from exports in the next three years compared to 25 per cent at present, as the company is strengthening its position in the next generation battery materials space.

The company feels the acquisition of a 40 per cent stake in Invati Creations, which has a strong focus on engineering Lithium-ion electrode materials, will help increase its exports going forward. The speciality chemical maker on Wednesday announced that its board has approved the acquisition of the 40 per cent paid-up equity share capital of Invati for around ₹45.16 crore.

“This company (Invati Creations) has developed some materials which are of great interest and significance for the battery chemistry as a whole. So, this will help us for the next generation battery materials,” Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, told businessline.

The company’s decision to invest in Invati, founded by alumni from IIM Kolkata and IIT Kharagpur, aligns with its vision of producing Lithiumion (Li-ion) battery materials and reinforces its commitment in exploring innovative technologies in the battery material segment, according to a media statement.

As part of its strategic investment, Himadri will have two nominee directors on the board of the firm, giving the company a significant influence and enabling close collaboration and synergy between the two, the statement said.

Notably, the company in December last year had announced that it would invest ₹4,800 crore over the next five to six years in setting up a plant to produce 2 lakh tonnes of lithium iron phosphate (also known as LFP or lithium ferrophosphate), a key material for making lithium ion batteries used in electric vehicles.

In the first phase, it has a plan to invest ₹1,125 crore for a 40,000 tonne per annum plant in Odisha. It intends to complete the project in 27–36 months.

“We have been talking to global cell manufacturers and companies. Global companies and Indian companies will be the buyers of our products (lithium iron phosphate). In the international markets, we are looking at the cell manufacturers in the US and Europe,” Choudhary said.

The company has been focussing on increasing its export market share by broadening its presence in international markets.

“Currently, we are exporting to 49 countries globally. Around 25 per cent of our turnover is coming from exports. The company’s decision to invest in firms like Invati Creations will help boost exports. We expect to get around 35 per cent of our turnover from exports in the next three years,” Choudhary added.

During the last financial year, the company’s revenue from operations on a consolidated basis stood at ₹4,171.84 crore.

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