Page 136 - CW E-Magazine (1-10-2024)

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DIVERSIFICATION

Hindustan Zinc eyes expansion into zinc-based

batteries

Vedanta-promoted Hindustan Zinc steel expansion and automotive,”
Ltd. (HZL), the country’s largest zinc he said.
manufacturer, will take a call by the end
of this year – likely around November Govt. stake sale
or December – on diversifying into In another development, the govern-
zinc-based or nickel-zinc battery (Ni-Zn) ment has conducted several roadshows
making, its CEO and whole-time direc- in September in financial capitals like
tor, Mr. Arun Misra, said. The company Mumbai, London, Boston and New
is looking at zinc-based batteries as an seas partners, whereas the India-based York to assess the market and meet in-
alternative to lithium ones, which are battery-maker will be deciding on vestors for sale of its stake in HZL. The
currently in focus for the global energy investments including setting up the government, which owns 29.5% in the
transition. factory, the location, production capa- company, is the largest minority share-
cities etc. holder in HZL.
HZL is already collaborating with
academic institutions and companies Good demand in India “The roadshow is about the disin-
to develop zinc-based batteries. MoUs According to Mr. Misra, also the vestment process. So, the government is
include with Jawarharlal Nehru Cen- Chairman of the International Zinc committed to disinvestment of some of
tre for Advanced Scientific Research Association (IZA), zinc demand in India its stake in HZL,” said Mines Secretary,
(JNCASR) to research and develop continues to be good, bucking global Mr. V.L. Kantha Rao. The government
zinc alloys, electrolytes and recycling trends or volatilities. Prices continue had earlier said that it is committed to
processes for zinc-based batteries; and to hover in the stable $2,700-2,800 per offloading its stake in HZL through an
with Aesir Technologies to develop tonne range. Offer for Sale (OFS) and will take the
Ni-Zn offerings. The company has also decision on this after testing the market.
roped in an India-based battery maker “We forecast a significant rise in
into the project. zinc demand in India by 2030, driven Meanwhile, HZL has held fresh dis-
by emerging sectors like renew- cussions with the government on a pro-
Mr. Misra explained that HZL will able energy and battery technology, posal to divide the company into two
be the raw material supplier; with tech- alongside growing demand in exist- verticals, instead of three proposed earlier,
nology being developed by the over- ing industries such as infrastructure, according to CEO Mr. Arun Misra.

BINDING AGREEMENT
CUMI to acquire US-based Silicon Carbide Products

Carborundum Universal (CUMI) York, USA, specialises in producing
has entered into a binding Share high-quality Nitride Bonded Silicon
Purchase Agreement to acquire a Carbide (NBSiC) products, which
100% stake from existing equity have superior wear and thermal shock
shareholders of Silicon Carbide resistance. SCP has over three decades
Products, Inc. USA (SCP) on Sep- of experience in providing customised
tember 16, 2024 at an Enterprise solutions to customers in the USA and
Value of $6.66-mn. CUMI will in- globally. Their product range serves
corporate a wholly-owned subsi- expected to be completed by the end industries such as power generation,
diary in USA, which will act as the of October 2024. mining, material handling/processing,
Special Purpose Vehicle (SPV) for non-ferrous molten metal transfer, and
this acquisition. The transaction is SCP, located in Horseheads, New petrochemical refineries.

136 Chemical Weekly October 1, 2024

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