Mumbai, August 11, 2026: TCPL Packaging Ltd is entering the lithium-ion battery materials business with a proposed investment of around ₹125 crore, marking a strategic diversification into the Advanced Chemistry Cell (ACC) battery supply chain.
The company said its board has approved entering the new line of business through a subsidiary that will be incorporated specifically to manufacture lithium-ion battery separator films.
The proposed investment will be deployed over the next 18 months and will be funded through a combination of internal accruals and debt. Commercial production is targeted to begin in the fourth quarter of FY28.
TCPL said the move will position the group in India’s expanding new-energy materials ecosystem, with the separator films expected to cater to the growing demand for lithium-ion batteries used in electric vehicles, grid-scale energy storage and other applications.
Initial capacity of 70 million sq metres
The proposed facility will have an initial manufacturing capacity of 70 million square metres of separator film per year. According to the company, this capacity would be sufficient to support approximately 6-8 GWh of annual lithium-ion battery cell production.
TCPL plans to scale up the business over the next five to seven years, with an eventual target of approximately 500 million square metres of annual separator film production capacity. At that scale, the facility could support around 50 GWh of annual lithium-ion battery cell manufacturing capacity in India.
The company said the pace and scale of expansion will be calibrated based on customer demand, technology readiness and developments in the battery market.
Building on specialised film capabilities
TCPL said the new business will leverage its existing capabilities in specialised films, polymer processing, precision manufacturing, research and development, process control and quality assurance.
While separator films serve a different end-use market from the company’s existing packaging operations, TCPL said the underlying material science and manufacturing processes offer synergies with its existing capabilities.
The separator is a critical component of a lithium-ion battery cell and is positioned between the cathode and anode. It plays an important role in the safety, performance and reliability of the cell.
TCPL plans to develop the technology and manufacturing processes required to meet the quality, consistency and performance standards of lithium-ion cell manufacturers.
Saket Kanoria, Chairman and Managing Director of TCPL Packaging, said the company intends to develop the battery materials business in a phased manner, with an initial focus on building the required technology and manufacturing capabilities and developing relationships with customers.
The company believes the business could become a meaningful long-term growth platform for the group.
India battery market to drive demand
TCPL’s entry comes as India seeks to build domestic manufacturing capabilities across the lithium-ion battery value chain and reduce dependence on imports.
The company cited industry estimates that India’s overall battery storage demand could exceed 200 GWh by 2032 and 500 GWh by 2037, before reaching around 1,000 GWh annually by the mid-2040s.
The expected growth is likely to be driven by electric vehicles, grid-scale energy storage, consumer electronics and other applications.
TCPL expects this expansion in battery manufacturing to create corresponding demand for components such as separator films.
During the initial 18-month project phase, the company will focus on establishing manufacturing infrastructure, developing and validating the product, completing customer qualification processes and building relationships with battery cell manufacturers.
Further investments and capacity additions will be evaluated based on customer demand, market conditions and the successful ramp-up of the initial facility.
Diversification beyond packaging
The battery materials venture represents a significant diversification for TCPL, which has traditionally operated in the packaging industry.
The company said it has delivered a revenue CAGR of approximately 17% over the past three decades, supported by innovation, diversification and its approach to identifying new growth opportunities.
TCPL currently manufactures a range of paperboard and flexible packaging products, including folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs, laminates, sleeves and wrap-around labels.
The company has 10 manufacturing facilities across India and operates through a pan-India manufacturing and marketing network.
With the proposed battery separator film venture, TCPL is seeking to leverage its manufacturing and material-processing capabilities to establish a presence in India’s emerging battery component industry.