After making a name in the portable batteries, Okaya Power on Thursday announced its plans to make a foray into automobile batteries outlining an investment of Rs.250 crore for 2011-12.
Okaya Power CEO Rajesh Gupta said here that the company had decided to make a debut in the automobile battery sector and the product would be launched in the third quarter this year. “We have done good business under portable power category by launching batteries for mobile phones under the brand name ‘Juice'. Now we want to expand further to the automobile sector which is witnessing a phenomenal growth.
We have already commissioned the plant at Baddi in Himachal Pradesh and field tests are currently on. We intend to invest Rs.250 crore in this project and another Rs.150-crore investment is in pipeline,” he added.
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Mr. Gupta said the company had posted a turnover of Rs.750 crore during 2010-11 and hoped to click Rs.1,250 crore during 2011-12.