July 28, 2022: Lead-acid batteries group Exide Industries has named the site in India where its Exide Energy Solutions (EES) subsidiary will build a multi-gigawatt lithium ion cells manufacturing plant.
Exide said EES entered into an agreement on July 26 for the 80-acre site at the Hi-tech, Defence & Aerospace Park, in Karnataka state, where it will build the plant in collaboration with China’s SVOLT Energy Technology.
Exide indicated earlier this year that it might be about to invest in the region of Rs6,000 crore — Rs60,000,000,000 ($793 million) — in building the greenfield facility.
EES has now executed a lease cum sale agreement with the Karnataka Industrial Areas Development Board for the site, Exide said in a regulatory filing on July 27.
The filing did not disclose financial details or say when work on the project might start but said the new plant would cater for “new-age electric mobility and stationary application businesses” in India.
India’s Ministry of Corporate Affairs issued a certificate of incorporation on March 24 for the EES subsidiary, which will coordinate development of the Karnataka plant and run future operations at the site.
Exide has said previously that SVOLT, which has its headquarters in China’s Jiangsu province, would support the setting up of the Karnataka plant on a turnkey basis.
Last August, SVOLT closed a series ‘B’ financing of Rmb10.28 billion (about $1.6 billion), following a series ‘A’ financing of Rmb3.5 billion at the end of February 2021.