H.G. Infra Engineering establishes subsidiary for battery energy storage systems
Author: PPD Team Date: 04/12/2024
H.G. Infra Engineering Limited has formed a wholly owned subsidiary, H.G. Banaskantha Bess Private Limited, for the battery energy storage systems (BESS) sector.
Incorporated on December 3, 2024, with an authorized capital of Rs 15 million, the Rajasthan-based subsidiary aims to specialize in BESS.
The establishment of H.G. Banaskantha Bess follows H.G. Infra’s recent Letter of Award from NTPC Vidyut Vyapar Nigam Limited for the procurement and installation of 185 MW/370 MWh of BESS across India.
India’s BESS market is poised for substantial growth, with projections estimating a market size of USD 3.10 billion by the end of this year, expected to reach USD 5.27 billion within the next five years, registering a CAGR of over 11.20%.
This expansion is driven by declining lithium-ion battery prices and supportive government initiatives promoting energy storage deployment.