Time Technoplast Limited has informed the Exchange regarding 'Approval Received from International Centre for Automotive Technology (ICAT) - A Division of National Automotive Board (NAB), Government of India, By One of Our Subsidiaries Namely Power Build Batteries Pvt. Ltd. (PBBPL) For manufacturing of E Rickshaw Batteries'.
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Time Technoplast has informed the stock exchanges that its subsidiary, Power Build Batteries Pvt. Ltd. (PBBPL), has received approval from the International Centre for Automotive Technology (ICAT), a division of the National Automotive Board under the Government of India. The approval allows PBBPL to manufacture batteries specifically designed for E-Rickshaws. ICAT is one of the key government agencies responsible for testing and certifying automotive components in India. This approval enables the subsidiary to enter the electric mobility battery segment, which is seeing growing demand in India driven by the shift towards clean transport and government push for EV adoption.
This is a positive development as it opens a new business vertical (E-Rickshaw batteries) for the subsidiary, tapping into the growing EV ecosystem in India. However, the announcement does not quantify the expected revenue or volume impact, so the immediate effect on the stock may be limited.