Starlit Power Systems today said it has inked a pact with China-based motorcycle and UPS battery manufacturer Guangdong Dynavolt Technologies to form a joint venture firm, which will enable the latter to manufacture its products in India.
"Starlit has signed a joint venture with China's second largest motorcycle and UPS battery manufacturing company Guangdong Dynavolt Technologies, wherein the latter will acquire 24 per cent of equity in SPS by an infusion of RMB 5 million (around Rs 5.13 crore)," a statement issued here stated.
The JV marks the first Chinese investment in the secondary power sector in an Indian manufacturing company, it said.
"The joint venture and the technology transfer will allow the next-gen batteries for motorcycles, e-bikes, telecoms and UPS applications to be manufactured in the country. It also opens doors for bringing in packaged off-grid solar solutions to the Indian market," Starlit Group Founder and Chairman Sachin Shridhar said.
He said such a liaison will create more opportunities both for India and for other countries. Chinese and Indian companies are pooling in their might of respective local knowledge and technologies to open the door for markets both here and abroad in future.
"We will share the responsibilities and the management. Going forward, it opens doors for bigger projects and greater co-operation," he said.
Starlit Power Systems has a state-of-the-art battery manufacturing plant at Sohna near Delhi and produces 'Konstant' brand of batteries for automobiles, inverter, solar and e-rickshaw applications. It also does third party labelling for many known brands in the country.
"With good manufacturing facility at Starlit and access to technologies and markets with Dynavolt, we can produce the VRLA batteries which are in huge demand both in India and overseas," Dynavolt Chairman Chen Le Wu said.
