The company will own 51% in the joint venture company which will have the intellectual property and know-how of products for battery application and a pilot plant for the same.

PCBL stated that it will infuse $16 million into the JV followed by an investment of up to $28 million in stages, in the JV company for setting up manufacturing facility for nano silicon-based products.

The company added that the joint venture is being done to expand into the growing battery application market (eg. electronic vehicles, etc) where there is immense potential of profitable growth. The company is in the process of creating a value-added product portfolio which can command high margins and this is a major step towards the same.

The joint venture will be created within 60 days, said the company .

PCBL (formerly Phillips Carbon Black), a part of RP-Sanjiv Goenka Group, is India's largest carbon black producer and exporter.

The company’s consolidated net profit rose 5.4% to Rs 122.64 crore despite of 8.7% decline in net sales to Rs 1,486.71 crore in Q2 FY24 over Q2 FY23.

The counter hit an all time of Rs 281.95 in today’s intraday session.