Exide Industries is making swift progress in the construction of its greenfield lithium-ion cell manufacturing venture in Bengaluru, with the first phase of commercial production anticipated by the close of the next financial year (FY25), according to Subir Chakraborty, the Managing Director and CEO. The plant is planned in multiple phases, with a total capacity of 12-gigawatt hours (GWh). The initial phase, constituting 6 GWh, necessitates an investment of approximately Rs 40 billion, while the overall project cost of Rs 60 billion will be financed through internal accruals and bridge loans. This move is aimed at securing an early-mover advantage in the thriving electric vehicle market, with nearly 70% of the anticipated lithium-ion battery demand earmarked for automotive applications. The remainder, around 30%, will cater to industrial usage.In parallel to the Bengaluru plant, Exide's subsidiary, Exide Energy Private Limited (EEPL), is actively involved in lithium-ion endeavours in Gujarat. EEPL produces Nexcharge brand battery modules and packs, with an order book of about Rs 7 billion scheduled for completion within the coming 12 to 15 months. EEPL will eventually merge with Exide Energy Solutions (EESL), which is currently establishing a lithium-ion cell manufacturing project in Karnataka.Exide's lithium-ion endeavours are further supported by a technical partnership with Chinese firm SVOLT Energy Technology (SVOLT) for the cells project. Despite a minor setback due to anti-dumping duties imposed by Gulf Cooperation Council (GCC) countries, Exide remains committed to exploring alternate markets such as Russia, Europe, and the US, as it accounts for around 8% of its turnover in exports. Chakraborty is optimistic about the business outlook, highlighting the rebound from the pandemic phase, resumption of OEM production, increased investments in industrial applications due to infrastructure development, and promising prospects in the international battery market.