Thursday, October 24, 2013: Luminous Power Technologies will be inaugurating its inverter battery manufacturing unit at Hosur in Tamil Nadu. The unit will be officially inaugurated next month and will be the eighth manufacturing plant of the company.
Reportedly, the company has invested Rs 100 million in setting up the facility and will be investing another Rs 400 million in the next three years. The company will be manufacturing around 2,00,000 inverters a year, managing director, Manish Pant told TOI.
The company is planning to increase its focus in South India, which comprises 20 per cent of the total Rs 20 billion battery market in India. Pant added, “This plant will bring us closer to our customers and reduce delivery time. This will also help us make products tailored for the southern markets.”
The usage of products varies from customers in southern India and those in North India, and the company will be able to make products that would suit usage of customers in the south, Pant told TOI.
The company is partially owned by French-based Schneider Electric, which has a total 74 per cent market share, while the rest is owned by Rakesh Malhotra, the founder of the company.