- Exide had formed a JV with Leclanché SA, in June last year
- The JV was formed between the two companies in a 75:25 ratio
- The first assembly line will be ready by October-November and the other assembly lines will be ready by March next year
- Investment of around 100 crores has already been done and another 100 crores will be pumped in within March next year
To fully grab the opportunities in the evolving electric vehicle market, Exide Industries is planning to start production of lithium-ion batteries from its joint venture plant in Gujarat by the end of this calendar year.
Exide had formed a joint venture with Switzerland-based Leclanché SA, one of the world’s leading energy storage solution companies, in June last year. The JV was formed between the two companies in a 75:25 ratio.
The JV company’s production plant in Gujarat is the first such indigenous facility in the country for manufacturing lithium-ion batteries and provide energy storage systems for the EV market.
Plan of action
Exide Industries’ MD & CEO Gautam Chatterjee told the shareholders at the company’s recent annual general meet that the Gujarat plant is going on full stream and it will start operation by the end of this calendar year. Elaborating the future plans, he stated that hopefully, the first assembly line will be ready by October-November and, the other assembly lines will be ready by March next year.
Chatterjee further informed that an investment of around 100 crores has already been done and going forward within March next year, another 100 crores will be pumped in.
The plan is to have three different assembly lines for three different types of products at the Gujarat plant. The JV company will specifically target e-transport and fleet vehicles, including e-buses, e-wheelers, and e-rickshaws stated the CEO.