Exide Industries to invest Rs 6,000 crore in Karnataka
ECONOMY & POLICY

Exide Industries to invest Rs 6,000 crore in Karnataka

On Thursday, Exide Industries announced a Rs 6,000 crore investment in Karnataka for setting up one of the world's largest giga factories for advanced cell chemistry.

Subir Chakraborty, MD and CEO of Exide Industries, met with Chief Minister (Basavaraj Bommai) to discuss a Rs 6,000 crore investment in lithium-ion cell manufacturing giga factory, according to a statement from the Department of Industries and Commerce.

Exide has requested 80 acres of land in the Haralur Industrial Area near Bengaluru airport, claiming that it will be one of the country's largest giga factories for advanced cell chemistry technology.

The project is expected to create 1,200-1,400 jobs, according to the statement.

Exide Industries and SVOLT Energy Technology Co Ltd (SVOLT) 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.

SVOLT 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 on December 21, 2021.

Image Source

Also read: Power Grid Corp approves investment of Rs 821.29 cr in 5 projects

On Thursday, Exide Industries announced a Rs 6,000 crore investment in Karnataka for setting up one of the world's largest giga factories for advanced cell chemistry. Subir Chakraborty, MD and CEO of Exide Industries, met with Chief Minister (Basavaraj Bommai) to discuss a Rs 6,000 crore investment in lithium-ion cell manufacturing giga factory, according to a statement from the Department of Industries and Commerce. Exide has requested 80 acres of land in the Haralur Industrial Area near Bengaluru airport, claiming that it will be one of the country's largest giga factories for advanced cell chemistry technology. The project is expected to create 1,200-1,400 jobs, according to the statement. Exide Industries and SVOLT Energy Technology Co Ltd (SVOLT) 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. SVOLT 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 on December 21, 2021. Image Source Also read: Power Grid Corp approves investment of Rs 821.29 cr in 5 projects

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement