Exide Industries has recently announced a Rs 60 billion investment in Karnataka for setting up one of the world's largest giga factories for advanced cell chemistry. Exide has requested 80 acres of land for the lithium-ion cell manufacturing giga factory in the Haralur Industrial Area near Bengaluru airport. The project is expected to create 1,200-1,400 jobs. Exide Industries and SVOLT Energy Technology of China have agreed to a multi-year technological partnership to develop lithium-ion batteries for electric vehicles (EVs). As part of the agreement, SVOLT will grant Exide an irrevocable right and licence to use, exploit and commercialise relevant lithium-ion cell manufacturing technology and know-how in India. It will also provide full support for the establishment of a state-of-the-art greenfield manufacturing facility. To carry out the lithium-ion cell manufacturing activity, Exide has established a special purpose vehicle (SPV) as a wholly-owned subsidiary. The land parcel for this facility is currently being finalised through negotiations. Exide participated in the Production-Linked Incentives (PLI) Scheme of the Ministry of Heavy Industries for the National Programme on advanced chemistry cell (ACC) battery storage. The company's board of directors gave its in-principle approval to build a multi-gigawatt lithium-ion cell manufacturing facility in the country last December.
Contact: Exide Industries
Tel: 033-2302 3400
Website: www.exideindustries.com
