As part of its expansion plans, Eon Electric is investing Rs 400 crore, which include setting up of a battery manufacturing facility in Haryana. The company, formerly known as Indo-Asian Fusegear, had already spent Rs 70 crore since the start of the fiscal and the rest of investment would be made in the remaining period. VP Mahendru, Chairman and Managing Director, Eon Electric, said that the company is investing Rs 400 crore in the current fiscal of which Rs 70 crore investment has already been made. The electrical equipment maker is setting up a plant at Faridabad in Haryana for manufacturing lithium ion batteries, which are used in mobiles and electric cars.

Investment in the Faridabad plant would be to the tune of Rs 200 crore, Mahendru said. The company has already put up the plant which can produce small-size batteries and are upgrading it make large batteries. It would be fully ready in 2014-15, he said. Lithium-ion technology is currently imported in India.