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MTNL defaults on bank loans worth Rs 8,585 crore
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Business Standard
16 minutes ago
- Business Standard
Epsilon to partner with firms seeking ex-China EV battery supply: MD
Battery materials manufacturer Epsilon Advanced Materials is prepared to enter into long-term strategic partnerships with the companies looking to source high-quality graphite anode and cathode materials outside China, a company official said. EV batteries are made of components like anode, cathode, electrolyte and separator. As of now China commands over 90 per cent of this graphite anode and cathode processing capacity which is used in electric vehicles. The recent curbs by China on the export of key battery-grade materials and technologies for both graphite anode and cathode (lithium iron phosphate-based) has intensified global concerns over supply chain vulnerabilities in the electric vehicle (EV) sector including in India. This development comes as India ramps up efforts to build a resilient, localised battery supply chain in the wake of China's tightening export restrictions on critical battery technologies. "Epsilon is ready to partner with cell manufacturers and Auto OEMs who are eyeing ex-China sourcing to secure long-term supply chain of high-quality anode materials and LFP (lithium iron phosphate) cathode while supporting their localization and sustainability objectives," company's Managing Director Vikram Handa said in an interview. China has a good early mover advantage and hence has been dominating the global battery materials supply chain for decades, but the recent export restrictions has shown how critical it is for battery manufacturers and auto OEMs to diversify their sourcing, outside of China, he explained. "To begin with, our integrated and proprietary synthetic and natural graphite anode materials allow us to provide a secure and consistent supply chain to our customers across geographies. We have strategically invested in R&D facility and commercial plant to ensure customer qualification samples to our customers for sample testing and qualifying them," he said. The company has its own proprietary technology for manufacturing lithium iron phosphate cathode with an R&D facility in Germany which makes them unaffected from the recent Chinese curbs. Many companies who were dependent on the Chinese LFP cathode technology to manufacture in India are stuck as they will have to now invest in their own R&D which takes 5-6 years to mature. "We have manufacturing plants in India, USA, and Finland with total capacity of 60,000 tonne by 2027 and 220,000 tonne by 2030 which make us the largest anode material producer outside China and will strengthen the resilience of our supply network. "The cathode material plant of 100,000 tonne by 2030 in India will make us Atmanirbhar in electric vehicle battery material supply chain. This multi-continent presence gives our international clients more flexibility, localised supply options, and a reduced risk of disruption," he explained. The company is investing Rs 15,350 crore in Karnataka to develop state-of-the-art manufacturing and research facility for electric vehicle battery materials, battery testing and advanced materials R&D.
Time of India
29 minutes ago
- Time of India
NLC India arm NIRL to go public in Q2 of FY27; to raise ₹4,000 cr to part fund expansion: CMD
New Delhi: NIRL , the renewable energy arm of state-owned NLC India , is expected to go public in the second quarter of the next financial year to raise around Rs 4,000 crore to part fund its expansion plans, a top official of the company said. In an interview to PTI, Chairman and Managing Director (CMD) of NLC India Ltd (NLCIL) Prasanna Kumar Motupalli said that the public sector enterprise is targeting to ramp up its renewable energy capacity from the current 1.4 GW to 10 GW by 2030 and the company plans to raise Rs 4,000 crore through initial public offering (IPO) route. The company plans to file draft papers with markets regulator SEBI in the first quarter of 2026-27. "We are targeting ₹4,000 crore through IPO by September we will be in a position to ramp up our renewable assets through NIRL and by March 2026 we will be able to complete the legal and the financial due diligence and in the first quarter of 2026-27 we will be going for DRHP through the SEBI," the CMD explained. NLC India Ltd, which will invest ₹50,000-₹60,000 crore to increase its renewable energy capacity by almost seven times, plans to do it through equity and debt. "The equity portion is funded through internal resources," he said. The cabinet committee on economic affairs (CCEA) on July 16 gave a special exemption to NLC India Ltd from investment guidelines that govern government-owned firms, which will enable NLCIL to invest ₹7,000 crore in NIRL. The company will also be able to invest in various projects directly or through joint ventures, without seeking approvals, which are a must for all Navratna Central Public Sector Enterprises. At present, NLCIL operates seven renewable energy assets with a total installed capacity of 2 GW, which are either operational or close to commercial operation. NLC India is a 6 GW company which includes 4.6 GW thermal capacity. NLC India -- the first company in the country to add 1 GW renewable capacity -- has plans to scale up its green energy capacity to 32 GW by 2047. NLC India, under the Ministry of Coal, is into businesses of mining and power generation. PTI
Time of India
an hour ago
- Time of India
For Breitling, the good times continue in India
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: This year may not be as bright a year for the luxury market globally as 2024, but India could be an exception, said Pradeep Bhanot, managing director of luxury Swiss watch brand Breitling in India.'2024 was a very promising year for us. We grew at a rate of about 40% plus (in India). This year has started off on a very good note too. In both volume and value, we are at a good, double-digit healthy number,' Bhanot told ET. 'We are growing at a rate which is a little higher than the Swiss watch imports into India, and we are confident that this trend will continue.'Bhanot said a lot of economists had predicted the first half of this year to be slower than the second.'Because of geopolitical developments, luxury consumers seem to be cautious about spends globally. But India is a very resilient country and we are hoping things will pick up further from September with the festive season and the weddings,' he said. 'The Indian community must be the biggest spender on weddings globally, and Indians will continue to spend in the second half of the year as well.'Swiss watch exports to India rose to 128.3 million Swiss francs between January and June this year, up 12.7% over 2024, as per data released by the Federation of the Swiss Watch Industry. In contrast, shipments to Japan, China Hong Kong and Singapore fell 3.2%, 18.7%, 13.3% and 3.7%. To be sure, India's robust growth came on a much smaller base than the other is among the top three luxury watch brands in the country, in segments priced at Rs 4 lakh and above. The brand is available at five single-brand stores and 26 multi-brand outlets.'In the next three years, we are looking at 40 points of sale, which includes our single-brand boutiques as well as multi-brand stores ,' Bhanot the going seems to be good for the brand, high duties and lack of quality infrastructure seem to be limiting the growth of the luxury sector in the country, said Bhanot.'Lack of retail space for luxury brands is a major challenge. We can count the number of luxury malls in the country on our fingers,' he said, adding that the duties are also very high.'The customs duty is 22%. Thankfully, with the new trade and economic partnership agreement between India and Switzerland we should see some reduction of customs duty,' he expects India's young demographics and entrepreneurs to drive growth for the country.'The only common denominator between India and China is the population. In terms of infrastructure development and spending patterns, China is a very different country,' he said.'But brands are realising that India is a young country. Look at the number of young CEOs and entrepreneurs we have. That itself will drive a lot of confidence in the market,' he said.
