Grinntech, an investor-backed startup specialising in Lithium-Ion batteries for EVs and energy storage systems, announced the next step of their growth plans with two significant announcements.
On October 12, it executed a MoU with the Government of Tamil Nadu which outlines the company’s intent to establish a battery and battery management system manufacturing facility in Tamil Nadu to cater to the anticipated growth of EVs in the country.
Grinntech, which has attracted several industry veterans as investors since its incubation at IIT-Madras Research Park, already operates its R&D and pilot manufacturing facility in Chennai. In addition, it has outlined plans for outlay of almost Rs. 100 crores for R&D, product development and production facilities which will lead to the employment of 250 staff over the next five years.
“We are grateful to the Government of Tamil Nadu for their vision in attracting investment in the fast-growing EV and EV-component sectors. Chennai has had the label of ‘Detroit of the East’. Now, as the global auto industry shifts to electrification, this initiative by the Government of Tamil Nadu will help India’s EV industry be future-ready”, said Mr Puneet Jain, Co-Founder of Grinntech.
Taking yet another step in their growth strategy, Grinntech also announced the appointment of Mr. E. Balasubramoniam as President of Grinntech.
Mr. Balasubramoniam, brings over 35 years of experience in the auto industry including prior leadership roles in Maruti-Suzuki, Tata Motors and most recently as Senior Vice-President at Ashok-Leyland and CEO of the Nissan-Ashok Leyland JV.
Mr. Balasubramoniam is an alumnus of IIT-Madras.