Luminous Power Technologies, a subsidiary of France’s Schneider Electric, plans to invest Rs 5 billion in expanding its battery production capacity, including setting up a new manufacturing unit in the eastern part of India, the company’s managing director and chief executive Preeti Bajaj said.
In a media interview, Bajaj said the proposed investments would boost Luminous Power Technologies’ battery capacity by more than 50 per cent in the next few years.
She said the company recently opened a manufacturing unit in Haridwar, Uttarakhand, and plans to set up a new manufacturing plant in the eastern part of the country. “We are still contemplating on the exact location,” she added.
Bajaj, who joined Luminous Power Technologies as CEO and MD in July this year, said capacity expansion and technological innovation would be priorities for the company in the coming years.
“Today we are focused on home consumers with power backup solutions. We believe that there is an opportunity to bring to the consumer trusted advisory, brand assurance, good quality service and good quality products for solar as well. That is certainly a lever of growth that we are focused on,” she said.
Bajaj expressed confidence in the growth potential of the Indian power backup market. “India’s potential for rooftop solar is estimated at 200 gigawatts. A lot of that is in the commercial and industrial segment, but home is also significant. That seems to be an opportunity area because Luminous is focused on home consumers,” she said.