+
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

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code