Tata Group is one of the biggest companies in India. It was once led by renowned industrialist Ratan Tata as chairman. The group has been expanding its business in India and abroad. Now, it has invested Rs 950 crore into its battery manufacturing subsidiary, Agratas, CNBC reported. The investment is part of its strategy to bolster its presence in the new energy sector.
Agratas is setting up state-of-the-art battery manufacturing plants in India and the UK. According to Tata Sons' 106th annual report, the company plans to build a 40 GWh gigafactory in the UK and a 20 GWh plant in Sanand, Gujarat.
Agratas is a global battery business within the Tata Group. It is focused on developing cutting-edge manufacturing capabilities to support the automotive industry’s transition to cleaner energy solutions. The company designs and manufactures batteries for the automotive and energy sectors, with its first customers being Tata Group firms Jaguar Land Rover (JLR) and Tata Motors.
Meanwhile, the Tata Group's revenue for 2023-24 rose 25 per cent from a year earlier to Rs 43,893 crore. The profit after tax increased 57 per cent to Rs 12,521.6 crore. The market value of Tata Sons' listed investments rose by 35.7 per cent, reaching Rs 15,20,560.60 crore as of March 31, 2024, compared to Rs 11,20,545.24 crore the previous year. The group's combined market capitalisation grew by 47 per cent, reaching Rs 30,36,905 crore from Rs 20,71,467 crore in the prior year.
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