Indian lead battery recycling group Gravita has won an order worth around $46 million from lead-acid manufacturer Luminous Power Technologies.
Gravita, which is also one of the country’s largest lead producers, did not respond to BBB’s request for details of the order to India-based Luminous— part of the Schneider Electric group.
However, Gravita said in a statement it would be supplying Luminous with “various lead products” during 2018— that would “strengthen” its top and bottom line when it posts figures for fiscal 2018-19.
Last November, Gravita posted second-quarter profit after tax of Rs13.38 crore ($2.5m) compared to Rs8.53 crore in the corresponding period a year earlier.
Luminous has seven manufacturing plants across India and a presence in more than 36 countries selling batteries and energy storage systems.
A recent report by the India Energy Storage Alliance said the lead-acid business in the country is set to soar over the next few years and demand from stationary and motive applications (SMA) will more than double in value.
According to the report, the value of the country’s lead-acid batteries market is worth around Rs27,000 crore— of which the SMA market share accounts for Rs12,650 crore.