Exide Industries, India’s largest manufacturer of lead-acid batteries, has invested INR 199,999,989 in its lithium battery joint venture (JV) with Swiss energy storage solutions company Leclanche. With this, it has increased its total equity stake in the joint venture to 84.90%.
Exide Leclanche Energy Private Limited, the JV company, was formed in June 2018 to set up a lithium battery pack and module assembly line in Gujarat, followed by a lithium-ion cell production plant, to cater to India’s electric vehicle and grid-based energy storage market. It already has a plant in Gujarat equipped with fully automated assembly lines for battery packs and modules.
The JV company had a net worth of INR 193.12 crore as of March 31, 2021. Turnover for the year ending March 31, 2021 stood at INR 3.02 crore, with a loss after tax of INR 18.21 crore.
The latest investment into the JV follows Exide Industries’ board of directors recently approving the setting up of a multi-gigawatt lithium-ion cell manufacturing plant. Exide Industries has already applied under the Production-Linked Incentive (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries.
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