Eon Electric, formerly known as Indo Asian Fusegear, is investing around Rs 400 crore in expansion plans. The expansion plan includes setting up a plant at Faridabad in Haryana which would be fully ready in 2014-15 for manufacturing lithium-ion batteries which are used in mobiles and electric cars. Since the start of this fiscal the company has already spent Rs 70 crore and the rest of investment would be made in the remaining period. The investment in the Faridabad plant would be to the tune of Rs 200 crore.
The company in last fiscal demerged its power generation and energy meter businesses into a separate company named Advance Metering Technology (AMTL). AMTL is engaged in the business of energy meters, power generation, energy management services and related businesses.
