HEG Advanced Materials Gets INR 127.35 Crore Battery Order

HEG Advanced Materials Ltd.’s subsidiary Replus Engitech Pvt. Ltd. has received orders worth Rs 127.35 crore from Indus Towers Ltd. for the supply of lithium-ion battery banks, the company said in an exchange filing on Thursday.

The orders, including GST, are to be executed on or before May 31, 2027, or such extended date as may be mutually agreed between the parties.

This is Replus Engitech’s second order from Indus Towers in September-October. On September 18, HEG Advanced Materials had announced an order worth INR 217.56 crore from Indus Towers for the supply of lithium-ion battery banks. That order is scheduled to be executed on or before March 31, 2027.

In September, Replus Engitech also signed an MoU with Indus Towers to explore collaboration on Battery Energy Storage System (BESS) solutions for telecom infrastructure in India.

Under the MoU, Replus intends to make 1.5 GWh of dedicated BESS production capacity available over two years. It also plans to expand its telecom energy storage portfolio to higher-capacity battery systems and explore emerging technologies such as sodium-ion batteries.

Meanwhile, HEG is undergoing a demerger under which its graphite electrodes business will be transferred to HEG Graphite Ltd., which will subsequently be renamed HEG Ltd. and operate as a separately listed graphite electrodes company. The company is expected to list by the end of October.

HEG Advanced Materials Ltd. will retain its advanced materials, battery energy solutions and green power businesses following the demerger.

Under the scheme, shareholders holding shares as of September 7, the record date, will receive one fully paid-up equity share of face value Rs 2 each in the graphite company for every one equity share of face value Rs 2 held in HEG Advanced Materials Ltd.

Ravi Jhunjhunwala will lead the graphite company as Chairman, MD and CEO, while continuing on the board of HEG Advanced Materials in a non-executive capacity. Riju Jhunjhunwala has been appointed Chairman, MD and CEO of HEG Advanced Materials for a five-year term, subject to shareholder approval.

Commenting on the demerger, Riju Jhunjhunwala had said earlier that it will create two focused, independently valued businesses, each with a clear strategy, disciplined capital allocation, and the flexibility to pursue its own growth path. “We believe this sharper focus will enable each business to unlock its full potential while creating sustainable, long-term value for our shareholders,” he had said.