Schneider Electric on Friday said that it plans to infuse fresh investments in its Indian subsidiary, Luminous Power Technologies. The company said it would invest about ₹350-400 crore in backing Luminous’ aggressive growth plans to double the battery and inverter production capacity and ramp up its solar business.

Luminous currently manufactures 3.12 million batteries annually and will use the investments to expand the production to 5.1 million by 2025. “It also plans to develop a new plant that will support the production of Tall-Tubular Batteries (TTB). The plant will be set up in two phases. Luminous is also eyeing to direct ₹185 crore towards building the capacity towards upgrading technology for battery and next-generation inverter manufacturing,” a statement by the company said.

Manish Pant, EVP, Schneider Electric and Member of the Luminous Board, said, “Luminous is in the high-growth prosumer business and we will be investing significantly in the next few years to scale this business up even more.”

Vipul Sabharwal, Managing Director, Luminous Power Technologies, added, “Despite the pandemic and subsequent lockdowns, we were able to achieve high business value, engagement and expansion. We will continue this momentum and are eyeing a double-digit YoY growth to reach ₹5,000 crore revenue in the next three to four years. Together with Schneider Electric, we plan to complement this growth vision, by investing almost ₹400 crore to expand our manufacturing capabilities and specialized business divisions.”

The new investment will also enable Luminous to ensure that nearly 90 per cent of its products are made in India and manufactured in-house. In the next 4-5 years, the Luminous plans to set up two new manufacturing facilities with expectations of generating direct employment for more than 2,000 people.

Related Topics
comment COMMENT NOW