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