Couple of observations:
- In their news paper publication of quarterly results there is a footnote which says:
Board of Directors of HBL Tonbo Private Limited (HTPL) have resolved to make an application for striking off the name of the company undersection 24B(2) of the Companies Act, 2013. There are no operations in the company.
Also in the Outcome of Board Meeting Held on 7th Feb 2024 there is a mention of investment in Tonbo Imaging:
Board noted that an amount of Rs. 86.67 crores was invested in 2023. Although, the plan was to
invest Rs 150 crs, a higher valuation was expected by Tonbo for the balance, which was not
accepted by HBL. No further investment in Tonbo is proposed.
So it looks like the relationship with Tonbo has soured and any plans for joint development of missile seekers/other opto electronic equipment have been scrapped.
- In the Outcome of Board Meeting Held on 7th Feb 2024 there is a note on CAPEX:
A sum of Rs 175 crores was approved by the Board for capital expenditure during FY 25.
The largest single item is for Rs 60 crores, for the Lithium lon cell production plant.
There will be no borrowings needed to finance the total capex.
60 Cr for Lithium Ion cells. Not assembly of battery packs but manufacturing of individual cells. The company has been into industrial batteries (VRLA or lead acid) and military batteries (thermal batteries), which are an entirely different chemistry/tech as compared to Lithium Ion. If I am not wrong this is the first time that the company is venturing into Lithium Ion batteries. Not sure if they will tie up with someone or develop the expertise inhouse.
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