Yesterday, the company incorporated a wholly-owned subsidiary named TACC then HEG jumped 8.57% to Rs 1047.55.

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The subsidiary will produce graphite anodes for lithium-ion batteries. The plant will be carried out in two phases – the capital expenditure for the first phase will be Rs 1,000 crore over the next three years to cater for 10-12 GWH of battery manufacturing capacity. Moreover, the capacity has been doubled, and another Capex of Rs 10,000 crore can cater for 20-22 MWH of battery manufacturing capacity. To finish the expected project within 5-7 years of both phases.

In India, TACC is incorporated with the ROC (Registrar of Companies) of Madhya Pradesh (MP) to commence its business operations.

HEG is India’s leading graphite electrode manufacturer and the world’s largest integrated graphite electrode factory, processing precision UHP (Ultra High Power) electrodes.

On a consolidated basis, the company’s net profit hit a high 28.44% to Rs 168.93 crore on a 15.57% rise in net sales to Rs 598.14 crore in July-September 2022 over July-September  2021.