October 18, 2023: Indian lead and lithium batteries producer Exide Industries said yesterday it had boosted investment in its Exide Energy Solutions (EES) subsidiary.
Exide invested Rs1 million crore ($12 million) in EES in a rights issue — its second such investment in as many months — to support construction of its lithium ion battery cells manufacturing plant in Karnataka state.
The 80-acre plant is being built under a collaboration deal with China’s SVOLT Energy and the latest investment comes after Exide asked state authorities for an additional 40 acres of land to expand the project.
The first phase of the facility is to be operational by the end of 2024.
SVOLT, in addition to providing the technology for the plant, is providing unspecified support for construction on a turnkey basis.
Exide is also setting up a research and development laboratory and pilot manufacturing line to support new product development for the Indian market.
Exide CEO and MD Subir Chakraborty has stressed that the development and sales of lead batteries continues to be the company’s “core business”, despite its foray into the lithium ion sector.