Time Technoplast's subsidiary inks MoU with US-led TESLA POWER for Rs100 crore order

6 May 2022 , 11:10 AM

Time Technoplast Ltd informed to the exchnages that NED Energy Limited, a subsidiary of the company has signed a Memorandum of Understanding (MOU) with TESLA POWER USA INC for orders worth Rs100 crore (appx). This is for supply of VRLA Batteries of different sizes for applications covering Power, Solar, UPS etc.

As per the filing, TESLA POWER USA INC is a pioneer and leader in energy storage industry globally and this supply will be for India and overseas markets. The MOU has been signed for the FY 2022-23 and the agreed pricing is variable based, linked to the major exchange.

At around 11:11 AM, Time Technoplast was trading at Rs99.85 apiece down by Rs4.2 or 4.04% from its previous closing of Rs104.05 apiece on the BSE.