Amara Raja Batteries plans to expand into the two-wheeler electric vehicle (EV) market as part of an expansion plan to triple its lithium-ion business this financial year.

The company, which has customers across the automotive, telecom and uninterrupted power supply (UPS) sectors aims to penetrate the market with chargers and eventually through battery packs as it expands its 'new energy' segment.

It also expects its upcoming lithium cell and battery pack manufacturing units to increase production by the first quarter of the next financial year.

Amara Raja is pursuing discussions with global companies to explore opportunities for 'technology transfer' pertaining to lithium-ion battery manufacturing. Its lead acid battery arm will focus on expanding in the West for a strategic supply partnership.

The company, has seen maximum revenue inflow in FY 2023 from its flagship lead acid storage battery-making unit.