The greenfield lithium-ion cell manufacturing plant of Exide Industries Ltd is progressing as per schedule.
According to a release filed by Exide on stock exchanges, onsite detailed construction work at the plant coming up at Bengaluru in Karnataka is progressing as per pre-planned timelines. Progress has also been achieved on other parameters like organizational setup, regular on-boarding and ramp-up of various teams. Training of technical team members with Exide’s technical partner SVOLT is also well underway, the release said.
The plant, with a capacity of 12 gigawatt hours (GWh), would be set up in phases. The first phase of 6 GWh would entail an investment of about Rs 4,000 crore. The total project cost of Rs 6,000 crore would be met through internal accruals as well as bridge loans.
Meanwhile, during the third quarter (Q3: October-December) of FY24, Exide invested Rs.730.01 crore as equity in the wholly owned subsidiary, Exide Energy Solutions Ltd, which is setting up the aforementioned lithium-ion cell plant. Exide’s investment in EESL through the equity route is to the tune of Rs 1820.01 crore till December 2023.
Excited about the future
Commenting on the plant’s progress, Subir Chakraborty, MD & CEO, Exide Industries, said, “Design and construction works are on track, and we are focusing on the on-boarding of customers on the one hand and securing strong raw material supply-chain linkages on the other. We are excited about the future and look forward to becoming one of the leading domestic players offering state-of-the-art products and solutions in the fast growing electric mobility space as well as stationary applications.’
Lithium-ion battery modules
Exide is also engaged in the manufacture of lithium-ion battery modules and packs through its wholly owned subsidiary, Exide Energy Pvt Ltd, under the brand ‘Nexcharge’ for India’s electric vehicle market and grid-based applications.
Merger
Exide Energy Pvt Ltd was incorporated as Exide Leclanche Energy Pvt Ltd (ELEPL), with Lechlanche SA as the joint venture partner. However, upon the exit of Lechlanche from the joint venture, ELEPL became a wholly-owned subsidiary of Exide Industries Ltd in November 2022. Further, in January 2023, ELEPL was renamed to Exide Energy Pvt Ltd.
Exide Industries has now proposed the merger of Exide Energy Pvt Ltd with Exide Energy Solutions Ltd (that is setting up the lithium-ion cell manufacturing plant). An application to this effect has been made to National Company Law Tribunal, Kolkata Bench, it is learnt.
Also read: Exide Commissions Greenfield Battery Recycling Plant
Featured photograph (source: Exide) shows recent progress on Exide’s lithium-ion cell manufacturing plant.
