Lucas TVS, a leading manufacturer of auto electrical parts, seeks to strengthen its foothold in the electric mobility sector by developing an indigenous battery ecosystem and expanding into energy storage, with a strong emphasis on the local manufacturing and development of battery cells.
The company has entered the electric vehicle (EV) battery pack manufacturing space through its wholly owned subsidiary, TVS Indeon Ltd, and is ramping up production capacity. TVS Indeon’s battery pack manufacturing facility, which began operations in 2024, is located at Thervoy Kandigai, Gummidipoondi, near Chennai.
“At present, we have the capacity to produce 1,500 battery packs per day, with 500 packs per shift. We are currently operating in a single shift, but we will be introducing a second shift soon, followed by a third shift by mid-next year to reach maximum capacity,” said TK Balaji, Chairman & Managing Director, Lucas TVS Ltd & TVS Indeon Ltd.
Providing local touch
The addition of a second shift will double production to 1,000 battery packs per day, employing over 200 new jobs. The company has already invested ₹200 crore in its manufacturing facility and R&D initiatives as part of its commitment to developing a self-reliant battery ecosystem in India.
Lucas TVS aims to localise battery technology, ensuring India achieves greater energy storage independence. “Developing an entire battery ecosystem indigenously is a complex challenge that requires a phased approach. We started with battery packs, and our initial solutions have been provided to customers. Once approved, we will scale up production, and our next major goal is to develop and manufacture battery cells in-house,” Balaji stated.
The company is also focusing on innovation to enhance battery pack efficiency. “We are working on increasing energy utilisation from 30 per cent to nearly 60–70 per cent. This means that for the same battery pack size, we can double the energy output. Alternatively, we can reduce battery size while maintaining the same energy capacity, making it more compact and efficient,” he added.
Currently, Lucas TVS supplies battery packs primarily to TVS Motors, but it plans to expand its customer base to other OEMs. The group’s EV business is still in its early stages, though it is already engaged in the production of various EV components. “Based on our current growth trajectory, we expect this business to generate revenue of ₹200-300 crore in the next couple of years,” Balaji said.
Energy storage
Beyond electric mobility, Lucas TVS will be venturing into the energy storage sector, particularly in renewable energy storage solutions. “Battery Energy Storage Systems (BESS) is the most widely adopted solution for energy storage, and this is the new business segment Lucas TVS is targeting alongside its existing mobility solutions,” Balaji said.
“With TVS Indeon, we aim to establish a strong presence in both the EV and energy storage sectors,” added Arvind Balaji, Director, TVS Indeon Ltd.
As a group, including Lucas TVS, Delphi TVS, and other affiliated companies, the businesses currently generate ₹7,000 crore in consolidated revenue. The company expects this figure to grow to ₹8,000-₹9,000 crore over the next few years.
