V-Guard Industries’ board has approved holding of a minority stake of almost 18.77 percent in Gegadyne Energy Labs Private Limited referred as GEL.
Hisana Thasneem
credits: V-Guard
V-Guard Industries’ board has approved holding of a minority stake of almost 18.77 percent in Gegadyne Energy Labs Private Limited referred as GEL for a cost of ₹33.4 crore. GEL which is basically a Mumbai based start-up which aims at developing innovative energy storage battery and it's alternative sources which could deliver better battery performances.
These batteries are made by taking consideration of some of the key parameters such as life cycle, total cost of ownership, safety of the users, recharge time and maintenance costs. Along with these feature, all key raw materials needed for the production of batteries are sourced locally, which can thereby provide advantage over the batteries which depend one import materials.
V-Guard's collaboration with GEL can be seen as one of the routes to participate in emerging technologies and building product capabilities that could help in fueling future growth. GEL investment is a stepping-stone in this direction and it signifies VG willingness to move to new technology space and its growing focus on newly established companies. The company also foresees potential in GEL’s alternative battery technology for various primary applications in Energy storage. It also helps in modifying other products of its existing portfolio which will be the secondary application of these batteries.
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Managing Director of V-Guard Industries Lmt, Mithun Chittilapilly mentioned that collaboration of V-Guard’s help them make connection into deep tech start-up space. He also mentioned that they believe this collaboration will enable V-Guard to strengthen and expand its products and help GEL to realise its potential.