Neogen Chemicals Limited has informed the Exchange about execution of Joint Venture Agreement by and between Neogen Ionics Limited and Morita Investment Limited

Neogen Chemicals' wholly owned subsidiary Neogen Ionics Limited (NIL) has signed a Joint Venture Agreement with Morita Investment Limited (MIL), the wholly owned subsidiary of Japan's 100+ year old Morita Chemicals Industries Co. Limited. The JV will be executed through a new entity called Neogen Morita New Materials Limited (NML), which will produce, develop and sell solid LiPF6 salt — a key ingredient used in lithium-ion battery electrolytes. NIL will own a minimum of 80% of NML while MIL will own up to 20%, and the new manufacturing facility is planned at Pakhajan, Gujarat. The exact investment amount will be decided after a detailed engineering exercise and will follow the same 80:20 ratio. This is described as one of the first India-Japan JVs in the lithium-ion battery materials space, giving Neogen access to Morita's 30+ years of globally proven LiPF6 technology and its established relationships with international battery makers.