Chennai: Schneider Electric has announced plans to infuse Rs 350 crore to 400 crore in its Indian subsidiary Luminous Power Technologies.
The investments will be used to pursue aggressive growth plans of Luminous which entail doubling the battery and inverter production capacity, generating new employment opportunities, and ramping its solar business, said a statement.
Luminous currently manufactures 3.12 million batteries annually. With the fresh funding, it plans to expand the production to 5.1 million by 2025 and increase its capacity by 63 per cent.
It also plans to develop a new plant that will support the production of Tall-Tubular Batteries.