Indo-National Ltd (INL) will set up a new subsidiary ‘Nippo Green Energy Pvt Ltd’ as a joint venture with Apollo Hospitals Enterprises. The Chennai-based company said the main object of the new entity is to venture into the renewable energy space. 

In a regulatory filing, the company said its board of directors has approved the incorporation of a new subsidiary in which INL will hold 74 per cent of equity share capital while the remaining 26 per cent paid-up equity share capital will be held by Apollo Hospitals Enterprises.

Incorporated in 1972 as a joint venture between late entrepreneur P Obul Reddy and Matsushita Electric Industrial Co., Ltd of Japan, INL is into manufacturing and marketing dry cell batteries under the brand ‘Nippo’. The company has a dry-cell battery manufacturing facility located at Nellore in Andhra Pradesh. It has also set up a 4.6 megawatt solar power plant in Polepally village, Telangana. 

The company has expanded its product portfolio and also entered new consumer goods segments. Its current product offerings include batteries, torches, mosquito bats, LED lightings and electrical accessories. 

New brand logo

Meanwhile, the company on Thursday unveiled a new Nippo brand logo to celebrate 50 years. Addressing the event, Aditya Reddy, Joint Managing Director, Indo National Ltd., said over the last six decades, the company has expanded from pure-play consumer goods company to business-to-business (B2B) and business-to-government (B2G) segments through its subsidiaries and step-down joint ventures. He said the company is also into supply of composites to the railway, aerospace and defense industries through its investments in Kineco Ltd.

Shares of Indo-National Ltd jumped 14 per cent on Thursday to close at ₹365 on NSE against Wednesday’s closing price of ₹320.60 per share.

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