Triton Electic Vehicle India Pvt Ltd issues Rs. 8060 Cr LoI to BEL for purchase of battery packs for electric trucks

Triton Electric Vehicle India Pvt Ltd, a part of Triton Electric Vehicle LLC, USA, has issued a Letter of Intent (Lol) to Navratna Defence PSU Bharat Electronics Limited (BEL) for procurement of 300 KW Li-Ion Battery Packs for its Semi-truck project in India at an estimated value of Rs. 8060 Crores.

Mr Dinesh Kumar Batra, CMD, BEL, received the Lol from Mr Himanshu B Patel, CEO & Founder, Triton Electric Vehicle LLC today at Defexpo 2022 in Gandhinagar, in the presence of Mr Manoj Kumar, Executive Director, BEL, and other senior officers of BEL and Triton.

The battery packs are to be delivered by BEL to Triton in 24 months commencing from January 2023. The Purchase Order for first-off quantity with hundred percent advance payment has been handed over to BEL by Triton. BEL will deliver the first-off quantity by November 2022. The battery packs will be manufactured at Pune unit of BEL.

BEL has also signed an MoU with Triton Electric Vehicle (TEV), for manufacture of Hydrogen Fuel cells by BEL with technology transfer from TEV, to meet the requirements of Indian market and mutually agreed export markets.

The MoU aims at tapping the demand for clean energy solutions for various applications including for E- Mobility, by leveraging Government of India's thrust for adoption of clean energy fuels for applications in transport, energy storage etc.

Shares of Bharat Electronics Limited was last trading in BSE at Rs. 108.00 as compared to the previous close of Rs. 105.85. The total number of shares traded during the day was 916360 in over 5957 trades.

The stock hit an intraday high of Rs. 109.15 and intraday low of 106.55. The net turnover during the day was Rs. 98987428.00.

Source : Equity Bulls

Keywords

BharatElectronics INE263A01024 BEL Defence LoI TritonElectricVehicleIndia LiIonBatteryPacks