Walton Hi-Tech Industries PLC, a top manufacturer of electrical and electronic products, announced on Sunday its plan to set up a facility for producing high-quality lithium-ion cells, aiming to cut reliance on imports and provide competitively priced, locally made alternatives.
The estimated cost of the project is Tk 113.66 crore.
"The initiative aims to establish a sophisticated manufacturing facility for high-quality lithium-ion cells, reducing import dependence and offering competitive, locally manufactured products, with commercial production expected to commence by mid-2026," Walton said after its board approved the scheme along with its third-quarter unaudited earnings.
"As a pioneer in producing lithium-ion battery cells, Walton will not only foster technological innovation and set a benchmark for quality and sustainability but also reduce reliance on imports, create new employment opportunities, technological growth, and exports."
Walton said its net profit fell around 8.5 percent year-on-year to Tk 696 crore for the July-March period of the financial year 2024-25 due to multiple factors.
High inflation and tighter global financial conditions impacted its operational environment.
Earnings per share fell to Tk 22.99 from Tk 25.17, while net operating cash flows turned negative at Tk -1.83.
However, Walton said it is optimistic about the fourth quarter of the current financial year, anticipating healthier profits due to the peak sales season.
Bd-pratidin English/ Afia
