Magnis consortium to build Indian Government’s first Lithium-Ion Gigafactory

  • Magnis – LIBCOIN consortium in final talks to build India’s first Lithium-ion Gigafactory with Government majority owned Bharat Heavy Electricals Limited (BHEL)
  • Magnis Energy has a 20% fixed non-dilutive ownership of LIBCOIN
  • Initial 1GWh plant to be scaled up to 30GWh
  • BHEL is India’s largest power generation equipment manufacturer 
  • Final Stage discussions under way with binding agreements expected to be signed shortly
  • India takes steps into its energy security and clean energy commitment to the world
  • Announcement made by India’s Ministry of Heavy Industries and Public Enterprises
  • Project to be part of Prime Minister Modi’s “Make in India, for India” program

Magnis Energy TechnologiesLimited (ASX:MNS) is pleased to announce that the Government of India, Ministry of Heavy Industries and Public Enterprises advises that Bharat Heavy Electricals Limited(BHEL) and LIBCOIN(20% owned by Magnis) are set to build India’s first Lithium-ion Battery Gigafactory.

LIBCOIN Chairman Rajan Duggal commented: “Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting.”

Magnis Chairman Frank Poullas commented: “To have The Central Government of India endorse this project is very encouraging for both Magnis and its partners. We see India as one of the largest markets in the world for Lithium-ion batteries and to potentially build one of the world’s largest Lithium-ion battery Gigafactories with a partner who possesses the skill and expertise of BHEL is exciting for the company.”

About BHEL –

BHEL is a leading state-owned company with more than 50 years of experience, wherein The Government of India is holding 63.06% of its equity. BHEL is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing organisations in India, catering to the core infrastructure sectors of Indian economy. The annual turnover of BHEL for the year 2017-18 was around US$4.1 Billion with over US$8 Billion in assets. BHEL has a highly skilled and committed manpower of approximately 37,500.

BHEL has technology relationships with leading technology providers that include General Electric, Siemens, Metso Automation Inc and Kawasaki Heavy Industries Ltd.


LIBCOIN is a consortium comprising of Magnis Energy, Duggal Family Trust and Charge CCCV(C4V) and has a vision to build large Lithium-ion battery Gigafactory’s globally. Magnis has a 20% fixed non-dilutive stake in the company.

The consortium plans to maintain a technical competitive advantage through existing and new unique IP, that will continue to deliver superior Lithium-Ion Battery cells by delivering a vertically integrated global procurement capability throughout the Lithium-ion Battery Supply Chain.