Battery Chemicals:

• Neogen: 1500 Cr capex for Electrolytes & Lithium Salts
• Gujarat Fluorochem: LFP Cathodes, Financed by IFC
• Acutaas: 4,000 tonne electrolyte additive expansion
• Himadri: LFP Cathode plant (upto 100 GWh)

This chemistry is complex, approvals are sticky. Once qualified, contracts endure.

Cells:

• Exide: 12 GWh, trial prod targeted by end FY25, 3600 Cr invested
• Amara Raja: 16GWh
• Reliance: 40GWh
• Waaree: 4GWh, then 20GWh
• Ola: 1 GWh

Chinese capacity exceeds global demand, prices are falling and technological cycles are also short. Capital Intensive.

Packs and Containers:

• Godawari Power: 10GWh
• Servotech: partnered with China’s Zhuhai Piwin
• Oriana: 2GWh
• Pace Digitek