New Delhi: LNJ Bhilwara Group, a multi-diversified conglomerate, on Monday said it has entered into the lithium-ion battery business through its private promoter entities.
It added that the group has entered into a joint venture with Replus Engitech, a Pune-based company into advanced energy storage products and solutions, to establish a 1-GW plant for lithium-ion battery modules and packs, battery management systems, energy management systems, and containerised battery energy solutions.
The greenfield plant in Pune will be operational by mid-2022, with a capacity of 1 GW in Phase 1, said Hiren Pravin Shah, executive director and CEO, LNJ Bhilwara-Replus venture.
He added that in Phase 2, the company aims to increase the capacity to 5 GW by 2024 and would eventually target to be amongst the top 10 providers globally.
“We are eyeing to build a strong presence in the energy storage domain and contribute to Make in India through this venture. The new business will also leverage LNJ’s global presence to spread its wings in the future,” said Riju Jhunjhunwala, vice-chairman, The LNJ Bhilwara Group.
The LNJ Bhilwara-Replus venture will be offering technology and products in lithium-ion chemistries for the project.
News source- Economic Times