Himadri Speciality Chemical Ltd. is looking to capitalise on emerging growth opportunities in the lithium-ion batteries (LiB) industry and has outlined its expansion strategy concerning the business segments that deal with the segment. Apart from this, the company intends to continue investing in each of its business segments to drive growth momentum.

The ₹4,172 crore Himadri, which has been reducing its long-term debt over the last few quarters, is well-positioned to record future expansion in high-growth segments, backed by its sound financial health and sustained demand for some of its core products, it said in the latest annual report (2023).

“At Himadri, we have a steadfast belief in the growth potential of the LiB segment in India. We are gearing up to address a part of the global demand by building the crucial supply chain necessary for LiBs in the future by unlocking opportunities in these sunrise sectors. This is also a step forward to developing a sustainable and growth-focused business,” the annual report 2023 said.

Rising demand

The rising prominence of lithium-ion batteries in revolutionising cleaner energy solutions for both the automotive and stationary storage industries would be one of the keys to India’s transformation towards becoming a carbon-neutral nation by 2070. According to estimates, this demand is projected to increase to 162 GWh at a CAGR of 44 per cent under the base scenario and 260 GWh at a CAGR of 74 per cent under the promising scenario.

The rising demand for lithium-ion batteries in the Indian market is likely to create a sustainable demand for the critical raw materials that are essential for the production of these batteries, including anode and cathode materials. Anode and cathode materials are crucial components of the batteries, accounting for approximately 60 per cent of the total cost and 55 per cent of the total weight of the battery. As the demand for these batteries continues to grow, battery manufacturers are exploring new opportunities in recycling to ensure a sustainable supply chain.

The rising popularity of electric vehicles and other forms of energy storage have been major factors contributing to the rapid evolution of the lithium-ion battery sector.

“At Himadri, we take sustainable development very seriously. Therefore, it’s only natural for us to encourage the development of electric vehicles by offering renewable energy solutions. Our company intends to meet the critical raw material needs of lithium-ion batteries,” it said.


The company has recently invested close to AU$10.32 million in Sydney-based Sicona Battery Technologies, which specializes in high-capacity silicon anode technology for lithium-ion batteries. The company has developed next-generation battery materials technology used in the anodes (negative electrodes) of lithium-ion batteries that enable electric mobility and the storage of renewable energy.

Himadri’s decision to invest in Sicona aligns with its vision to produce high-quality anode materials and reinforces its commitment to exploring innovative technologies in the battery material segment, the company said recently.