Lucas TVS to build Li-ion battery unit for ₹2,500 cr.

Firm collaborates with U.S.’s 24M Tech

( from left ) L. Ramkumar, President, Madras Management Association; Bhaskar Bhat, MD, Titan Company Ltd; T.K. Balaji, Chief Executive and MD, Lucas-TVS Ltd and B. Santhanam, President and MD, Flat Glass South Asia, Egypt and Malaysia, Saint- Gobain India Pvt Ltd at the book launch of ` Titan: Inside India's Most Successful Consumer Brand' in Chennai on Thursday ( March 14, 2019) Photo : Bijoy Ghosh To go with Balachander's report

Lucas TVS Ltd. and U.S.-based 24M Technologies Inc. are setting up a ₹2,500-crore factory near Chennai for making semi-solid lithium-ion (Li-ion) battery cells.

The plant, which will produce the battery cells initially for the Indian market, will begin commercial production by the second half of 2023, Lucas TVS said in a statement.

The firm expects to build similar plants throughout India to support the growing energy storage, electric mobility and lead acid battery-replacement markets.

Lucas TVS will be the first to introduce semi-solid lithium-ion batteries produced in India and specifically designed for the Indian market, the company added.

“We believe in investing in next-generation technologies, which is why we chose to partner 24M,” said T.K. Balaji, CMD, Lucas TVS.

“We are confident that their innovative technology will enable us to provide our customers affordable e-mobility, lead acid battery replacement and storage solutions with improved quality and best-in-class safety.”