Micromax Energy Targets 8 to 10 Per Cent Market Share Of The Lithium-Ion Battery

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  • Micromax has planned an investment of around Rs 100 crore in Micromax Energy
  • The company claimed it has a capacity of manufacturing 250 batteries of 7.5 kilowatt hour per day

According to a report by Businessline, Micromax Energy, an independent firm and part of Micromax Group is aiming to acquire 8 to 10 per cent market share of the lithium-ion battery market in India by next year. The company manufactures lead batteries as well but presently it will be focusing on lithium-ion batteries as the market for electric vehicles is growing as per the report.

The report said that Sunil Bhatnagar, country head, energy division, Micromax Energy, told Businessline that this year has been the beginning of trials and in 2020 the company is targeting to get 8 to 10 per cent of the total market.

Investment of around Rs 100 crore

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As per the report, Micromax has planned an investment of around Rs 100 crore in Micromax Energy. Out of this, Rs 22 crore has been already invested till now. Bhatnagar added that this investment has been mostly done on equipment and that the company is presently dependent on business- to- business (B2B) model. He added that the company will launch products commercially once the market for EVs flourishes.

Bhatnagar also said that the company has a capacity of manufacturing 250 batteries of 7.5 kilowatt hour per day. He added that presently, there is an utilisation of 25-30 per cent of the total capacity. As per him, working on the full capacity, Micromax Energy can easily capture 8-10 per cent of the market.

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