December 22, 2022: India’s Exide Industries is considering proposals to merge two of its lithium business subsidiaries into one entity, the company confirmed on December 12.
Exide said its board had approved moves that should see Exide Leclanche Energy Private Limited merged with Exide Energy Solutions Limited.
Exide Leclanche, branded as ‘Nexcharge’, is the business that arose out of the company’s initial joint venture with Swiss battery firm Leclanché — but which is now a 100%-owned Exide subsidiary.
The second wholly-owned subsidiary was formed following an agreement in March for Exide to collaborate with China’s SVOLT Energy Technology to manufacture lithium ion battery cells in India.
Exide’s company secretary and president of legal and corporate affairs, Jitendra Kumar, said in the company’s regulatory filing on December 12 that the merger was being considered owing to the similar line of business of the subsidiaries.
Kumar said an update would be issued later.
Exide CEO and MD Subir Chakraborty (pictured, inset) said on November 16 that the development and sales of lead batteries continued to be the company’s “core business”, despite its foray into the lithium ion sector.
Chakraborty said the firm’s market share of the overseas lead batteries market “continues to grow rapidly” — along with increased requests for quotes to supply auxiliary lead batteries for electric vehicles.