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Exide Industries starts work on lithium-ion cell manufacturing plant in Bengaluru

Exide Industries starts work on lithium-ion cell manufacturing plant in Bengaluru

Exide Industries starts work on lithium-ion cell manufacturing plant in Bengaluru
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By Jomy Jos Pullokaran  Sept 27, 2022 5:09:42 PM IST (Published)

Shares of Exide Industries Ltd ended at Rs 157.40, up by Rs 2.90, or 1.88 percent on the BSE.

Storage battery major Exide Industries Ltd on Tuesday said it has started building its first lithium-ion cell manufacturing facility at the Hi-Tech Defense & Aerospace park Phase 2, Bengaluru. The first phase of the facility is expected to be operational by the end of 2024, Exide said in an exchange filing.

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The company's proposed Gigafactory will be spread over 80 acres of land and will be producing technology-leading lithium-ion batteries to suit varied EV and industrial segment requirements.
Exide has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co Ltd (SVOLT), a global technology company that makes and develops lithium-ion batteries and battery systems for EVs as well as for energy storage.
In addition to technology, SVOLT will provide support for setting up the plant on a turnkey basis. SVOLT, a leader in new technology, is headquartered in Jiangsu province in China.
Moreover, Exide will also set up a state-of-the-art R&D lab and pilot line to support new product development for the Indian market.
The event was attended by Karnataka Chief Minister Basvaraj Bommai and minister for IT, BT, Higher Education & Skill Development Dr
C.N. Ashwath Narayan along with other key government representatives & stakeholders, in the presence of the senior management team of Exide.
Speaking on the occasion, Exide managing director and chief executive officer, Subir Chakraborty said, "On this auspicious day of the Bhoomi Poojan, we are delighted to give a formal start to this greenfield unit coming up under Exide Energy Solutions Ltd."
The company has participated in the Production-Linked Incentives (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage.
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