HBL Power Systems Ltd Company Summary

HBL Power Systems Ltd Summary

HBL NIFE Power Systems Limited (Formerly known as Sab Nife Power Systems Ltd), was incorporated in 1988 by A J Prasad in a Joint Venture with Nife, Sweden. The Company is a leading battery and power systems company based in Hyderabad, India. The company came in to existence as a result of the merger in 1999 of Hyderabad Batteries Ltd (HBL) incorporated in 1977, and SAB Nife Power Systems Ltd incorporated in 1986. The two companies which were under the same management, were merged when foreign % of equity investment in SAB NIFE became too small to justify separate legal entities. Now the company has become the leading supplier of specialised batteries and power electronics in India with a strong presence in several other countries. The principal activities of the Company comprise of manufacturing of different types of Batteries including Lead Acid, NiCad, Silver Zinc, Lithium and Railway and Defence Electronics, Solar Photovoltaic Modules and other products. The Company commenced commercial production in August 1988. In 1992, the company diversified into manufacturing uninterrupted power systems which was financed by a public issue in Feb.92. In 1993-94, it started Manufacturing storage batteries to include sealed lead acid (SLA) batteries.In 1998-99,HBL Ltd and Pinaki Technologies was merged with the company as per the direction of the Honble Highcourt of Andhra Pradesh and established a manufacturing facility for switch mode rectifiers at Kothu, Mahaboobnagar Dist., and the division started commercial production. During 1999-2000,the name of the company was changed to HBL Nife Power Systems Limited.The Company set up 100% EOU for exporting Nickel Cadmium batteries andanother for Lead Acid Products. During 2001-02 the company allotted shares to HBL Engineering Pte LtdSingapore, subsequently it had become a wholly owned subsidiary of HBL NifePower Systems Ltd. The companys buy back programme was refused bySEBI and hence the proposal has been dropped.As approved by the company in the last General Meeting, the Honble High Court of Andhra Pradesh vide its Order dated 27th February, 2004 approved the scheme of amalgamation for the merger of the Companys subsidiary, M/s Compact Power Services Pvt Ltd. with the company.HBL NIFE (M) SON BHD a 80% subsidiary company in Malaysia has commenced commercial operations in 2004-05. The Company implemented Vizainagaram and SEZ Vizag units at Phase I in 2006-07.During the year 2011-12, the Company incorporated a wholly Owned Subsidiary in USA under the name HBL America Inc. During the year 2011-12, the Company continued to hold its holding in Agile Electric Drives Technologies and Holdings Private Limited acquired during 2010-11. Agile Electric Drives Technologies and Holdings Private Limited, eventually merged with its subsidiary namely Agile Electric Sub Assembly Private Limited by virtue of an order of the High Court of Judicature at Madras passed on 20th July, 2012 approving the Scheme of Amalgamation to issue and allot to the shareholders; 38 equity shares of Rs.10/- each fully paid, at par in Agile Electric Sub Assembly Private Limited for every 100 equity shares of Rs.10/-each held in Agile Electric Drives Technologies andHoldings Private Limited. Consequent to approval of scheme of amalgamation, Company now holds 2,73,75,200 equity shares of Rs.10/- each constituting 58.35% in Agile Electric Sub Assembly Private Limited and continues to hold its holding Company status in Agile Electric Sub Assembly Private Limited post merger.During the reporting period 2011-12, the Company has acquired certain shares from other promoter / investor groups and now SCIL Infracon Private Limited (SIPL) is a 100% subsidiary of the Company. The Company disinvested in its wholly owned subsidiary, Bhagirath Energy Systems Private Ltd (BES) on 29 May 2012. During the year 2012-13, company disinvested its shareholding of 171216 shares in Autotec Systems Private Ltd (ATS), Bangalore, bought back by its (ATS) promoters.During the year 2013-14 Company divested its entire stake in Agile Electric Sub-assembly Private Limited and Sankhya Infotech Limited.The Board of Directors of Company on March 23, 2016, have approved the Scheme of Arrangement and Amalgamation of Beaver Engineering and Holdings Private Limited (Transferor Company) with HBL Power Systems Limited (Transferee Company) and their respective shareholders and creditors, which was effective from the Appointed Date of the Scheme. i.e., April 1, 2016. In FY 2022, in the Defence vertical, after the commencement of supplies of Type-I batteries for Kilo-class submarine and Varunasthra torpedo batteries, the Company commenced the manufacture and supply of Type IV batteries for Scorpene class submarines for theIndian Navy. Having completed the technology adoption for manufacturing Lithium Ion batteries for defence applications from NSTL(Naval Science and Technological Laboratory) it setup a pilot plant for production of lithium-ion cells batteries in next two years. It enhanced the capabilities for manufacturing submarine batteries and streamlined processes for improving shopfloor productivity across all product lines. It added another achievement to defence portfolio, developed and supplied thermal batteries for powering Agni Prime Missiles tested. In Electronics vertical, Train Collision Avoidance System (TCAS) continued to gain traction. It received another contract from Eastern Railway for deploying TCAS over 260 km and 120 locomotives on DelhiHowrah route in FY23. Further, theteam installed the TCAS solution across 347 km of network in South Central Railway. In the Batteries vertical, it made commendable progress. The Pure Lead Thin plate (PLT) batteries gained acceptance for Data Centre applications and in the Indian Army for diverse applications.