Lithium-ion batteries and allied products maker Ruchira Green Earth will invest Rs 200 crore over the next three or four years to set up a new manufacturing unit in Haryana to double its production capacity. The company, which has a current capacity of manufacturing up to 5,000 batteries per month, is setting up a new unit at Yamuna Nagar in Haryana to fulfil the rising demand for its products, Ruchira Green Earth said in a statement.

“We are delighted to have been awarded contracts from many OEM’S for the supply of lithium-ion batteries. Moving ahead with a ceaseless commitment towards accelerating the transition to electric vehicles, we look forward to winning many more such contracts with major OEMs in the EV segment,” Ruchira Green Earth Director Deepan Garg said.

Ruchira Green Earth, which sells EV batteries under flagship brand AKIRA, said it has bagged orders from OEMs such as Gemopai, Tunwal, Myantra, Benling, Komaki for the supply of lithium-ion batteries for electric scooters. It is now looking to double its manufacturing capacity of lithium-ion batteries.

It is planning to set up a Rs 200 crore plant at Yamuna Nagar, which will be funded through internal accrual of Rs 50 crore and bank loan, the company said, adding the fresh investment would be made over three to four years.

At present, the company produces lithium-ion batteries for electric two, three and four-wheelers for commercial vehicles, loaders, forklift trucks, golf carts, among others.

It is now targeting energy storage systems, home storage and energy storage solutions from banks, hospitals, industries, and government contracts for villages, defence, railways and telecom sectors, among others, the statement said.