Mobility Solutions Private Limited (Bhago), the green energy vertical for
Modern Automotive Limited (MAL) has announced its latest equity acquisition in
Pastiche Energy Solutions (P) Ltd (Pastiche), one of the oldest players in the
energy storage sector in India, since 2015.
partnership will aggregate the strengths of both the companies towards the
manufacturing of solid state batteries, lithium batteries and allied products
for applications such as electric mobility, energy storage, defence, aerospace,
telecommunications and others.
brings its experience and knowledge in the field of lithium battery technology,
manufacturing, sales and products for various application and Bhago, through
MAL, brings its existing relations with the Japanese and global automotive
OEMs, international and national collaborations, organisational strengths,
engineering skills, manufacturing capabilities, operational processes and
has commenced operations at Chandigarh and Bangalore, and further expanding
operations in Gurgaon and Ahmedabad to develop a pan India sales and support
the growth expansion, Bhago has allocated a total investment of USD 16 Million
for its green energy vertical. An upfront investment of USD 4 Million shall be
made into Pastiche as capex and upgradation of the existing setup to a
state-of-art production and testing facility at Chandigarh. The company has
also stated its plans to set up a dedicated R&D unit in Bangalore for cells
and battery packs.
USD 12 million is planned and scheduled to be infused within two years, with a
vision to have an installed production capacity of 1GW. Within QTR 2 2022, the
company would be demonstrating its new range of cell technology - solid state
battery, gaining the 1st movers advantage in the technology in India. The
company is set to launch advanced modular battery solutions, which are not only
compact, intelligent and swappable but through battery analytics and artificial
intelligence offer predictive and safe battery solutions.
customised battery packs can also be monitored and controlled in real time
through remote monitoring and GPS solutions. Another added bonus, which is the
USP of its cell technology, the company can proudly state that their fully
solid state batteries do not catch fire!
on this, Aditya Goyal, Managing Director, Modern Automotives Limited, says,
“Considering the Vision 2025 for Modern Automotives Limited, Bhago is set to
establish a complete ecosystem around green mobility, right from the basic raw
material to the final delivery of services. Storage of energy is an important
key factor for green mobility; Bhago has dedicated resources towards advanced
battery technologies for lithium ion batteries, solid state batteries, lithium
ion capacitors and additive manufacturing. Pastiche has been serving to a wide
variety of customers across different applications like solar, electric
vehicles, medical, defence, robotics, energy storage etc. Considering the need
for downstream products which can directly serve the applications, Bhago
reviewed and understood the operations, capabilities and strengths of Pastiche
and decided to invest in the company.”
Duggal, Managing Director, Pastiche Energy Solutions Private Limited added,
“Pastiche is amongst the oldest lithium battery manufacturing companies in
India since 2015. Over the years, Pastiche has been able to develop a
respectable brand identity across different products, solutions and
applications in the Government, Public and Private Sectors. Bhago-Pastiche
together leverage and complement the strengths and capabilities of each other.
Through their solid state battery technology, together the companies are
committed to adopt and deliver Advanced Energy Solutions and work towards a
greener and safer future.”
more than 15 years, Modern Automotive Limited has been the tier 1 supplier for
leading 2 wheeler automotive companies like Honda, Hero, TVS, etc. The company
has leveraged its skills and experience and invested its resources in Solid
State battery cell technology, battery pack building and testing to deepen its
foot printsin the green mobility vertical through Bhago.
the company has also invested in advanced and unique technologies which enhance
the efficiency and deliverability of electric vehicles. The company has also
invested in application technology for the final delivery of services to the
customer at his door step. the company has also invested in recycling
technologies, as its commitment and responsibility towards a green and safe
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