The growing demand for electric vehicles (EVs) in India is fueled by several factors, including rising environmental awareness and government incentives encouraging sustainable transportation.
Recently, during World EV Day, multiple reports highlighted India’s impressive progress in EV sales, with electric three-wheelers leading the charge, closely followed by two-wheelers and four-wheelers.
At the core of this transformation is the lithium-ion battery, the most critical component powering electric vehicles due to its high energy efficiency and long lifespan.
The lithium battery industry encompasses a wide range of companies and has been experiencing a steady annual growth rate of 5.27%.
Globally, the top five country hubs driving this industry forward include the USA, China, India, the UK, and Australia.
These nations are at the forefront of lithium battery production, innovation, and research, contributing significantly to the expansion of the electric vehicle and renewable energy sectors.
India boasts several major players in the lithium-ion battery manufacturing sector, each contributing significantly to the nation’s EV ecosystem by producing large quantities of batteries.
Some of the leading companies driving this growth are Amara Raja Batteries, Exide Industries, TDSG (Toshiba-Denso-Suzuki Gigafactory), and Tata Chemicals, among others.
In this article, we will explore the top 10 lithium-ion battery manufacturers in India and examine their contributions to the expanding lithium-ion battery market in the country.
Top 10 Lithium-ion Battery Manufacturers in India
| Sr. No | Company | Headquarters |
| 1 | Amara Raja Batteries Ltd | Tirupati |
| 2 | Exide Industries | Kolkata |
| 3 | TDSG | Gujarat |
| 4 | Tata Chemicals | Mumbai |
| 5 | Luminous Power Technologies | Haryana |
| 6 | Okaya Power Group | New Delhi |
| 7 | HBL Power Systems Ltd | Hyderabad |
| 8 | Panasonic India | Haryana |
| 9 | Ola Electric | Bangalore |
| 10 | Log9 | Bengaluru |
1- Amara Raja (AMARON)
Headquarters: Tirupati, Andhra Pradesh
The Amara Raja Group has over 18,532 employees and group revenue of over $2 billion for the 2024 fiscal year.
ARBL has prestigious original equipment manufacturers like Maruti Suzuki India Limited, Hyundai Motors India Limited, Ford India Limited, Tata Motors Limited, Mahindra and Mahindra Limited, and Honda Cars India Limited.
ARBL Industrial and Automotive batteries are exported to 50 countries across the globe.
The battery plants are located at Karakambadi (which has three plants) and Amara Raja Growth Corridor (ARGC has four manufacturing plants) in Chittoor District, Andhra Pradesh, India.
ARBL till now mainly involved in manufacturing lead-acid batteries but due to the increasing demand for Li-ion batteries in EVs, it has planned to set Gigafactory and is setting up a Rs 9,500-crore Gigafactory for lithium-ion cells and battery packs in Telangana.
Recent News about the Company
- Amara Raja Advanced Cell Technologies (ARACT), a subsidiary of Amara Raja Energy & Mobility (ARE&M), has signed a Memorandum of Understanding (MoU) with Ather Energy to collaborate on the development and supply of Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) lithium-ion cells. These advanced chemistry cells will be produced locally at Amara Raja’s upcoming Gigafactory in Divitipally, Telangana.
- Additionally, the company has agreed with Gotion-InoBat-Batteries (GIB) to localize global LFP technology, tailoring it specifically for Indian conditions.
- In another strategic move, Amara Raja has signed an MoU with Italian manufacturer Piaggio India to supply LFP lithium-ion cells and chargers for their electric three-wheelers. This collaboration also involves the development of battery packs and cells for Piaggio’s upcoming two-wheeler models.
- Furthermore, Amara Raja has an agreement with Jiangsu Highstar Battery Manufacturing Co. to bring NMC technology to India, strengthening its position in the domestic market.
2- Exide Industries
Headquarter: Kolkata
For more than seven decades, Exide has reliably manufactured batteries for automotive, home UPS, Industrial batteries, and Solar energy storage systems.
It has nine manufacturing plants located in Haryana, West Bengal, Uttarakhand, Maharashtra, and Tamil Nadu.
Together, these manufacturing plants produce an annual output of 8 Million Units of Automobile batteries (including batteries for motorcycle applications), and over 600 million Ampere-Hours of Industrial Power.
Exide has its business in more than 50 countries including the UK, USA, and Japan.
Exide Industries Limited’s net turnover for the financial year 2023 was 146 billion Indian rupees. This was a significant increase from the previous year. Till now Exide was involved in Lead-acid batteries manufacturing but now the company is switching to manufacturing Li-ion batteries.
In 2018, Exide entered a partnership with Leclanche S.A based in Switzerland for Li-ion battery production and renamed its Gujarat plant Exide Energy Private Limited which has a brand named Nexcharge that offers customized Li-ion batteries and energy solutions for transport and Industrial applications.
The plant has a state-of-the-art 1.5 GWh manufacturing facility based on NMC, LTO, and LFP battery chemistry for the cylindrical, pouch, and prismatic battery pack. Nexcharge has its R&D center in Bengaluru.
To fulfill its mission, Nexcharge has built India’s largest factory equipped with fully automated assembly lines of li-ion battery packs, modules (Pouch/ Prismatic/ Cylindrical), and cell testing labs at Prantij, Sabarkantha, Gujarat.
Recent News about the Company
- Exide Industries is on track to complete the construction of the first phase of its lithium-ion cell manufacturing project in Bengaluru by the end of this financial year (FY25). Exide embarked on the journey to set up the facility in 2021.
- The lithium-ion cell manufacturing project is housed under the wholly-owned subsidiary, Exide Energy Solutions (EESL).
- In FY24, Exide invested Rs 1,285 crore as equity investment into the project, This brings the total investment in EESL to Rs 2,302 crore up to March 2024, inclusive of investments made in the erstwhile subsidiary Exide Energy Private Ltd.
3- TDSG (Toshiba-Denso-Suzuki Gigafactory)
Headquarter: Ahmedabad
TDSG Li-ion battery manufacturing plant in Gujarat is being set up jointly between TOSHIBA Corporation (has a 40% share), DENSO Corporation (10% share), and Suzuki Motor Corporation (50% share) and was established in 2017.
This plant will manufacture and supply LTO based-Li-ion batteries for Maruti Suzuki and Suzuki Gujarat. A total of $180 million is to be invested in this plant.
The company claims its battery for rapid charging, long life, and safe operation ability. All these three companies have been working in Japan.
Recent News about the Company
- TDSG is the 1st Li-Ion Battery Manufacturer Company in the country to receive one of the most well-known & popular Certificates in the Automotive Industry. It has received the IATF 16949:2016 certificate.
- TDSG is the first company to manufacture Li-ion Battery Packs for Hybrid Vehicles.
4- Tata Chemicals
Recognizing the importance of lithium-ion batteries in the electric vehicle ecosystem, the Tata Group is making significant strides with a major investment in lithium-ion battery production.
The expansion of Tata Motors’ Sanand plant in Gujarat, marks a key milestone in this effort.
The new lithium-ion battery production facility, expected to be operational by 2025, is part of Tata’s broader vision to accelerate the transition to electric vehicles (EVs).
This investment will not only support the growth of the EV market but also help reduce the overall cost of electric vehicles in India.
The expansion of the Sanand plant, supported by an investment of Rs 30 billion, is set to create 10,000 new jobs.
Tata Motors aims to have 25% of its vehicle sales come from electric vehicles by 2026, with the new lithium-ion battery production playing a crucial role in this target.
Additionally, Tata Chemicals has signed an MoU with the Gujarat government to establish a 20-gigawatt manufacturing unit for lithium-ion cells, further emphasizing the Tata Group’s commitment to India’s EV transformation.
The company is also working on building its own EV charging infrastructure, positioning itself as a major player in the future of sustainable mobility.
5- Luminous Power Technologies
Luminous Power Technologies is renowned for its cutting-edge and dependable power solutions. The company is dedicated to delivering advanced, energy-efficient batteries, catering to a broad spectrum of needs, including inverters, solar power systems, and industrial applications.
These batteries are designed for optimal performance, offering high mileage, low electricity consumption, and minimal maintenance. With a capacity ranging from 130 to 140 Ah, Rick Power+ batteries are ideal for the daily demands of urban and peri-urban transportation, with deep-cycle designs that allow frequent charging and discharging without a significant reduction in performance.
In a strategic move, Luminous partnered with Matter Energy last year to develop swappable batteries for electric motorcycles, which also have residential and stationary applications.
These batteries feature IoT capabilities, enabling remote charging and monitoring. Designed for dual-purpose use, these lithium-ion batteries can function as a home inverter, offering a smart energy solution for mobility and domestic energy storage.
6- Okaya Power Group
Headquarter: New Delhi
Okaya is the flagship brand of Okaya Power Group for the manufacturing of batteries. It has 29 years of excellence in the manufacturing of batteries. Okaya Power Group has a turnover of over 7 billion INR. It is leading in 17 countries and has employed more than 1,500 employees.
Okaya manufactures Tubular battery- Inverter Battery and Solar Battery, E-Rickshaw Battery, Li-ion, and EV charging solutions. It has battery manufacturing plants in Himachal Pradesh.
It manufactures NMC/LFP-based Li-ion batteries for 2W, battery swapping, E-Rickshaw, and solar applications. The batteries are manufactured in eco-friendly, ISO-certified, and automated plants.
Its Li-ion battery provides more than 2000 cycle life, supports fast charging, and CAN communication protocol. Okaya also manufactures a battery management system (BMS) for its battery pack.
Okaya’s lithium-ion batteries and EV chargers are equipped with an intelligent Battery Management System (BMS), offering comprehensive safety features to safeguard both the battery and the vehicle.
With its advanced range of lithium-ion batteries, Okaya has already deployed over 500 EV charging stations and provided 250 MWh of Battery Energy Storage Solutions (BESS) across India in the past six months.
Recent News about the Company
- Okaya won a contract at Bharat Heavy Electricals (BHEL) for a 410 kWh Li-ion battery energy storage system.
- Okaya Power won a World Bank contract for installing 1020 EV charging stations across the country.
- Okaya Power Pvt Ltd has announced that it has achieved yet another global distinction. One of its group companies ‘Sunnoxx International’ has been bestowed with IATF and TUF certificates by TUV SUD Management Service GmbH, Germany for the design and manufacturing of world-class lithium batteries.
7- HBL Power Systems Ltd
Headquarter: Hyderabad
HBL is a listed Indian company and has been in business since 1977. HBL is involved in the manufacturing of batteries along with its Construction (infrastructure), Defence, Power utilities, and Railway manufacturing units.
HBL Power’s consolidated net sales are Rs 520.11 crore, which is an 11.27% increase year-on-year (Y-o-Y). HBL Power’s revenue has grown at a CAGR of 2.0%.
HBL manufactures NMC and LFP (pouch, prismatic, and cylindrical type) Li-ion batteries for energy storage systems which can act as ‘electric gas stations’ for fast charging and to reduce the peak on the grid. Its NMC can give more than 1,500-cycle life.
HBL also manufactures a battery management system (BMS) for Li-ion batteries. HBL’s BMS features allow a max of 256 cells in series with stacking, active & passive balancing options, an operational range between -40°C to +105°C, thermal management, data logging, and auto-off condition.
HBL also manufactures (or provides technologies) electric drivetrain, inverter, and motors. HBL BMS finds applications in Telecom, Energy Storage, Medical Equipment, UPS & Data Centers, Marine, Electric Vehicles, Defence, and forklifts. HBL is also present in Germany, USA, and Canada.
Recent News about the Company
- HBL got an order of Rs 85 crores to supply submarine batteries from the Indian navy.
8- Panasonic India
Panasonic Energy, established in April 2022, has a history that traces back to the development of battery technologies for various applications.
The company’s long-standing expertise in battery manufacturing began in 1923 when the founder developed a battery-powered shell lamp. Over the years, Panasonic has expanded its capabilities, focusing on automotive lithium-ion batteries and other storage solutions.
Recently, Panasonic announced the formation of a joint venture with the Indian Oil Corporation (IOCL) in March 2024.
This initiative aims to manufacture cylindrical lithium-ion batteries, targeting the expanding market for two- and three-wheel vehicles as well as energy storage systems in India.
Cylindrical lithium-ion batteries are commonly used in consumer electronics, power tools, and electric vehicles. Panasonic Energy is a maker of automotive lithium-ion batteries.
9- Ola Electric
Headquarter: Bengaluru
Ola is one of India’s largest electric automobile manufacturing companies. Ola Electric scooters are one of the most sold electric two-wheelers in India. The company recently made its entry into the Electric Motorcycle market with the launch of the Ola Roadster Series. Roadster Motorcycles promise the best performance and best features at affordable pricing. The company may also soon launch its first electric car, most probably by next year.
In a further boost to India’s EV ambitions, Ola Electric Chairman and CEO Bhavish Aggarwal unveiled the “Bharat” battery cell, an indigenous 4680 cell developed by Ola Electric. Ola Electric recently received certification from the Bureau of Indian Standards (BIS) for the battery cells.
The cell is now in trial production at Ola’s Gigafactory and is expected to be operational by 2025.
This cell features advanced technology, offering five times more energy (275 Wh/kg) compared to the widely used 2170 form-factor cells in automotive applications.
It operates efficiently across a broader temperature range (10-70°C), boasts an extended lifespan with over 1,000 charge cycles, and supports rapid charging with a 50% charge in just 13 minutes.
In its first quarterly results since IPO listing, Ola Electric reported a remarkable 34.32 percent increase in revenue, reaching Rs 1,718 crore for the quarter ending June 30, 2024, compared to Rs 1,279 crore in the same period last year.
Ola Gigafactory
Ola’s Gigafactory is located in Krishnagiri, Tamil Nadu.
This gigafactory is the first of its kind for Li-ion cell manufacturing in India, with an initial capacity of 5 gigawatt hours (GWh). It will be further scaled up in phases to 100 GWh at full capacity.
The company recently announced that it plans to invest $100 million (about Rs 834 crore) in the first phase of building its gigafactory for producing lithium-ion battery cells.
The investment will be used for ‘phase 1A’ of the Gigafactory for setting up 1.5 GWh (gigawatt hour) of cell manufacturing capacity. Ola Electric says that its users can expect its indigenously developed battery cells in its electric vehicles by the next year.
10- Log9 Materials
Headquarter: Bengaluru
Log9 is a startup from IIT Roorkee, established in the year 2015. Log9 focuses on research and development and has been awarded “Most Innovative Technology Company of 2018” by the Department of Science and Technology (India), Government of India.
The company has established India’s first lithium-ion cell production facility with a 50MWh capacity, creating a self-reliant ecosystem for advanced energy storage. Log9 Materials recorded a revenue of Rs 74.43 crore in FY23, a considerable hike as compared to FY22’s Rs 25.51 crore.
The company claims its RapidX series of batteries are the safest EV batteries in the country, designed to efficiently power electric vehicles in all Indian and other tropical conditions. Built using patented high-power cell technology, RapidX batteries are extremely durable, with the ability to last longer than conventional batteries without losing their efficiency.
The Nexmile 4500, newly designed by Log9 for commercial electric vehicles, is revolutionizing the EV battery market with its innovative technology. Offering an impressive real-world range of over 120 km per charge, it eases range anxiety and enables longer worry-free journeys.
Its advanced Battery Management System (BMS) with real-time monitoring enhances battery health and performance, while rapid charging capabilities ensure it charges three times faster than any other battery in its class.
With a 5-year extended warranty, the largest battery capacity for 2-wheelers, and long-term financing options, the Nexmile 4500 sets a new benchmark for commercial EV batteries.
Maxval is also the latest and the most advanced battery technology developed indigenously, that is robust enough to handle a wide variety of applications ranging from 1kWhr to 5MWhr capacities.
Log9’s ZappUp series batteries are for applications like Microgrids, UPS, data centers, Telecoms, Grid-level energy storages, and industrial applications like Forklifts and robotics.
9 in the name of Log9 means offering batteries that can be charged 9x faster, last 9x longer, and offer 9x higher performance and safety. It also manufactures a battery management system which is called Charvik by the company.
Recent Activities:
- Log9 Materials has launched its first Li-ion battery manufacturing plant at Jakkur, Bengaluru. The plant has an initial production capacity of 50 MWh yearly and Lithium Ferro Phosphate (LFP) and Lithium Titanate Oxide (LTO) cells will be manufactured at this plant.
- Log9 Materials has an investment of $40 M (Rs 325 Crore) from Amara Raja, Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors. This investment will enable the company to achieve manufacturing capabilities to a 2 GWH capacity by the end of 2024.
