Mumbai: HEG Advanced Materials Limited said its subsidiary Replus Engitech Private Limited has received orders worth Rs 127.35 crore from Indus Towers Limited for supplying lithium-ion battery banks.
The company informed the stock exchanges about the development in a regulatory filing dated October 1. Replus Engitech is a subsidiary of HEG Advanced Materials, formerly known as HEG Limited.
Order Worth Rs 127.35 Crore
According to the filing, the total value of the orders is Rs 127.35 crore, including GST. The orders have been placed by Indus Towers, formerly known as Bharti Infratel Limited.
The contract is domestic in nature and covers the supply of lithium-ion battery banks. The terms will be governed by the general conditions mentioned in the purchase orders.
The latest order provides Replus Engitech with another business opportunity in the battery energy solutions segment.
Completion By May 2027
Replus Engitech is expected to execute the orders on or before May 31, 2027. However, the completion date can be extended if both companies mutually agree to a revised timeline.
Lithium-ion battery banks are widely used for energy storage and backup power requirements. The filing, however, did not provide details about the number or capacity of battery banks that will be supplied under the orders.
No Related Party Transaction
HEG Advanced Materials also clarified that its promoter, promoter group and group companies do not have any interest in Indus Towers.
The company further said that the orders do not fall under related party transactions.
HEG Advanced Materials disclosed the order under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
The filing did not disclose any additional financial terms apart from the total order value or provide further details about the deployment locations for the lithium-ion battery banks.
