Electrical equipment maker Eon Electric is investing Rs 400 crore in expansion plans, which include setting up of a battery manufacturing facility in Haryana, a top official of the company has said.
The company (formerly known as Indo-Asian Fusegear) had already spent Rs 70 crore since the start of the fiscal and the rest of investment would be made in the remaining period."We are investing Rs 400 crore in the current fiscal of which Rs 70 crore investment has been made," Eon Electric Chairman and Managing Director VP Mahendru told PTI.
The company is setting up a plant at Faridabad in Haryana for manufacturing lithium-ion batteries, which are used in mobiles and electric cars.
Investment in the Faridabad plant would be to the tune of Rs 200 crore, Mahendru said. "We have already put up the plant which can produce small-size batteries and are upgrading it make large batteries. It would be fully ready in 2014-15," he said.
Lithium-ion technology is currently imported in India.
Last fiscal, the company demerged its power generation and energy meter businesses into a separate company named Advance Metering Technology Ltd (AMTL).
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AMTL is engaged in the business of energy meters, power generation, energy management services and related businesses.