Livefast Batteries had generated around Rs 1,000 crore revenues last year and is expected to double its revenues.
Building on the success of its battery business, Gurugram-based SAR Group is preparing to enter the electric vehicle (EV) manufacturing space, focusing on two-wheelers, and small commercial and passenger vehicles in the coming months.
SAR Group returned to battery manufacturing business four years ago after divesting 74 per cent stake in the energy storage products brand Luminous to France’s Schneider Electric for Rs 1,400 crore back in 2011, reported Business Standard.
The group had already developed prototypes of city commercial and passenger vehicles and is currently in the process of finetuning the specifications of a battery-powered two-wheeler that would be made available at a similar price of a popular petrol engine scooter when it is launched, according to Gurpreet Singh Bhatia, chief executive officer of Livefast Batteries Private Limited, which is the group’s battery products subsidiary.
Livefast Batteries had generated around Rs 1,000 crore revenues last year and is expected to double its revenues on the back of the Inverter Products it has recently launched following the expiry of the non-compete.
The company would continue using the lead-acid batteries using in-house technology innovations before it is ready to make lithium-ion batteries for which the company had already bought an assembly line. It also has plans to set up EV charging infrastructure.agreement with the French company. Inverters alone account for Rs 15,000 crore of the Rs 25,000 crore battery market in India, according to Livfast official.