HEG Advanced Materials shares gain 5% as subsidiary gets ₹610 crore ECMS incentive nod

Résumé détaillé

HEG Advanced Materials said it received the incentive for TACC's Synthetic Graphite Anode Material project at Sirsoda Industrial Area, Dewas, Madhya Pradesh.

Shares of HEG Advanced Materials Ltd gained over 5% on Wednesday November 11, snapping a three-session losing streak after the company said its wholly-owned subsidiary TACC received an approval letter for a ₹609.50 crore incentive under the Electronics Component Manufacturing Scheme (ECMS).

The company received the incentive for TACC's Synthetic Graphite Anode Material project at Sirsoda Industrial Area, Dewas, Madhya Pradesh, HEG said in a regulatory filing on Wednesday.

"The approval under ECMS is a strong endorsement of TACC’s technology and of our belief that India can build a globally competitive battery materials value chain at home," Riju Jhunjhunwala, Chairman, Managing Director and CEO, HEG Advanced Materials Ltd, said.

The company's Dewas facility which is spread across more than 100 acre, is planned to have a capacity of over 30,000 metric tonne per annum (MTPA) by the financial year 2029, according to the filing. Its first phase, with a capacity of 20,000 MTPA, is targeted for commissioning by June 2027.

"Our Dewas facility is designed to deliver high performance synthetic graphite anode material that meets the standards of global cell manufacturers," Ankur Khaitan, Managing Director and CEO of TACC Ltd, said.

The Electronics Component Manufacturing Scheme (ECMS) was introduced by India's Ministry of Electronics and Information Technology (MeitY) to build a strong domestic electronics component manufacturing ecosystem by attracting domestic and global investments and integrating India's electronics industry with global value chains.

HEG Advanced Materials outlined a total capital expenditure of around ₹5,500 crore, including a crucible project for backward integration, Jhunjhunwala told CNBC-TV18 earlier this month. The investment will be funded through approximately ₹3,400 crore in debt and ₹2,000 crore in equity.

Jhunjhunwala had said he expected the company's Battery Energy Storage System (BESS) business to scale up over the next two quarters and generate…

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