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HBL Nife Setting up New Battery Units in India
HBL Nife Power Systems Ltd., manufacturer of
specialized batteries and electronics, is setting
up three battery manufacturing facilities in Andhra
Pradesh, India, near Mahboobnagar, in Vizag SEZ
and near Vizianagaram. A new electronics R&D
and manufacturing unit on the outskirts of Hyderabad
is also scheduled to be completed in early 2007.
The company is raising funds to finance its expansion
plans and to comply with listing agreement terms.
HBL Nife intends to get its shares listed with
NSE after the rights issue. They expect to increase
sales from the estimated Rs 375 crore in FY06
to Rs 700 crore by the end of 2007-08.
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