Part of the new expansion is also to target exports for consumer durable companies
Automotive electrical components manufacturer Lucas TVS is looking to boost its EV-related businesses by ramping up both auto and non-auto component capacities, as per a top company official.
Part of TVS Group, Lucas TVS’ Managing Director Arvind Balaji said that it will add ‘close to 20 percent’ additional capacity in both auto and non-auto businesses and the new capacities will come on stream next year.
These include motors and controllers for electric vehicles as well as motors for consumer products like ACs, washing machines and batteries for energy generation and storage.
Part of the new expansion is to target exports for consumer durable companies.
“We have started non-auto exports and we have seen a sharp interest in our products from global customers looking at a China plus one strategy,” said Balaji.
The company has recently participated in the PLI scheme for white goods to make motors for fridges, washing machines, ACs and other durables.
Lucas TVS is adding a new R&D centre in Hosur which will be opening at the end of this year, said Balaji. “This centre will focus on embedded software for smart products,” said Balaji.
Apart from its Rs 2,500 crore lithium ion battery project in partnership with 24M, the company will invest around Rs 100 crore plus every year on non-battery related businesses.
The first plant for the same will be set up in Thervoy Kandigai, Gummidipoondi, near Chennai.
