Lucas TVS: Electrifying Expansion, Battery Boom Ahead!

Lucas TVS, a leading player in auto electrical manufacturing, is expanding its footprint in electric mobility and energy storage. Through its subsidiary, TVS Indeon Ltd, the company is scaling up battery pack production and working toward an indigenous battery ecosystem.

Its battery pack facility in Thervoy Kandigai, Gummidipoondi, has been operational since 2024, producing 1,500 battery packs daily. Currently running a single shift, Lucas TVS plans to add two more shifts by mid-next year, doubling production and creating over 200 jobs.

With a ₹200 crore investment in manufacturing and R&D, the company is focused on localizing battery technology. After securing customer approvals, it aims to ramp up battery pack production and, in the long term, manufacture battery cells in-house.

Lucas TVS is enhancing battery efficiency, targeting an energy utilization increase from 30% to 60-70%, enabling either higher output or more compact designs. While TVS Motors is its primary customer, the company plans to expand supply to other OEMs, with EV-related revenue expected to reach ₹200-300 crore in the coming years.

Beyond electric mobility, Lucas TVS is entering the renewable energy storage market, particularly in Battery Energy Storage Systems (BESS), where it sees strong growth potential.

“With TVS Indeon, we are committed to establishing a robust presence in both EV and energy storage markets,” said Arvind Balaji, Director of TVS Indeon Ltd.

Lucas TVS and its affiliated companies currently generate ₹7,000 crore in consolidated revenue, with expectations to grow to ₹8,000-9,000 crore in the near future.

News by Rahul Yelligetti.