Livguard To Set Up Li-Ion Battery Assembly Plant In Manesar

Published On 31-Dec-2019 08:08:36By Anand Priyadarshi

The new plant is likely to be functional by Q4 (March) 2020, with an initial workforce of 50 people

Livguard To Set Up Li-Ion Battery Assembly Plant In Manesar

Gurugram based firm, Livguard Energy Technologies has invested $20 million for setting up an assembly unit for lithium-ion batteries in Manesar. It will manufacture batteries to propel a new age cleaner fleet of two-wheelers, light commercial and cargo vehicles.

The new plant is likely to be functional by Q4 (March) 2020, with an initial workforce of 50 people. The firm currently has a manufacturing unit at Baddi in Himachal Pradesh with a capacity of producing 6 million batteries annually.

CEO Livguard, Gurpreet Singh Bhatia, said "We are investing through R&D program for developing next-generation batteries that are ideal for the Indian conditions. The new applications will help us develop a suitable product ideal for local driving and climatic conditions."

"Replacement market is large enough for a relatively smaller and new entrant like ours, which have a 5 percent market share in that segment and here lies a huge potential for us to grow", Bhatia added.

The company aims to double its annual turnover of Rs 1400 crore (of the last fiscal year) with an added focus on ancillary businesses of inverter batteries and solar rooftop businesses.

It has already raised over Rs 170 crores from ChrysCapital and Rs 50 crores from Ncubate Capital Partners in April 2019. The funding would be used to take its presence to 35 countries by 2020, from the current 21 overseas markets.

Source: Economic Times

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