Exide moves into Lith-ion battery biz

Lead-acid makers’ Advance Cell Chemistry batteries project going ahead despite missing out on government's Production Linked Incentive scheme. Shruti Mishra has the details of the plan.

- Shruti Mishra

Kolkata-based Exide Industries, one of India's oldest battery players is making a quick shift to lithium-ion batteries. The company expects its efforts will enable it to break into the ranks of the top 10 lithium-ion battery producers in the world in the coming decade, according to Exide India's Managing Director and CEO Subir Chakraborty.

Exide will enter the new domain with an investment of Rs 6,000 crore that will help it set up a 12 giga watt per hour of capacity plant in the coming decade.

Growing EV adoption in the market and interest from several OEMs has motivated Exide to consider this business opportunity.

Meanwhile, Exide Industries' numbers for this quarter are mixed. In the quarter ended September, the battery makers' consolidated net profit jumped 22.7 percent Y-o-Y to Rs241.20 crore. The company saw a 13.3 percent Y-o-Y increase in net sales to Rs 3,841.13 crore on the back of uptick in volumes and pricing strategies across verticals.