Chennai-based INL to establish new subsidiary ‘Nippo Green Energy Pvt Ltd’ with Apollo Hospitals Enterprises
Indo-National Ltd (INL), the Chennai-based manufacturer and marketer of dry cell batteries under the brand ‘Nippo’, is set to establish a new subsidiary called ‘Nippo Green Energy Pvt Ltd’ in a joint venture with Apollo Hospitals Enterprises.
According to a regulatory filing, the primary aim of the new entity is to enter the renewable energy sector.
INL’s board of directors has approved the incorporation of the subsidiary, which will have 74% equity share capital held by INL and the remaining 26% by Apollo Hospitals Enterprises.
In addition to its dry-cell battery manufacturing facility located at Nellore in Andhra Pradesh, INL has expanded its product portfolio to include batteries, torches, mosquito bats, LED lightings, and electrical accessories.
The company has also entered new consumer goods segments. INL has invested in Kineco Ltd and supplies composites to the railway, aerospace, and defense industries.
To commemorate its 50th anniversary, INL revealed a new Nippo brand logo on Thursday.
Aditya Reddy, Joint Managing Director of Indo National Ltd., stated that the company has expanded from being a pure-play consumer goods firm to the business-to-business (B2B) and business-to-government (B2G) segments through its subsidiaries and step-down joint ventures over the last six decades.
Following the news of the joint venture, INL’s shares rose by 14% to close at ₹365 on the National Stock Exchange on Thursday, up from Wednesday’s closing price of ₹320.60 per share.