Schneider Electric, the energy and automation digital solutions company, will invest Rs 350 to 400 crore in Luminous Power Technologies, its Indian subsidiary. The latter, an Indian power backup, home electrical and residential solar technology company, will use this capital to expand and grow, and provide direct employment to at least 2,000 people.
With this infusion of capital, Luminous will double its capacity to produce batteries and inverters and upscale its solar business. As a result, it will increase its battery and inverter production capacity, generate new employment opportunities and ramp up its solar business. In doing so, it will end up giving indirect support to about 10,000 people and families.
The current capacity of Luminous to produce 3.12 million batteries a year, will be pushed up to 5.1 million in five years. That means, its capacity will go up by 63 per cent. Luminous intends to set up a new plant to produce tall-tubular batteries (TTB). The plant will be established in two phases, the first phase will witness a manufacturing capacity of 30,000 TTBs, and the capacity will increase to 65,000 in the second phase. Of the fresh funding, about Rs 185 crore will be spent on technological upgradation for the manufacture of advanced batteries and inverters.
The Company has already created a name in rooftop solar solutions for residential and commercial buildings. With the fresh capital, it will work on delivering better customer experience via high-quality products, easy installation, and excellent services.