News about Exide looking to set up a plant in Karnataka had originally come up in March 2022.
The Company is now projecting to invest Rs 6,000 crore to set up a 12 GWh lithium-ion cell manufacturing unit in this proposed facility over the next 8–10 years.
- Projected Phase 1
- Investment of Rs 4,000 cr
- Completion targeted in 27-30 months
- Construction to commence shortly
- Total facility would be spread across 80 acres
- Funding for the project is expected from the internal accruals and bridge financing as and when required.
Exide has technology partnership with SVOLT Energy Technology Co., Ltd. (SVOLT). (SVOLT, which emerged from the Chinese carmaker Great Wall , makes and develops lithium-ion batteries and battery systems for EVs and energy storage.)
Some other key points to note –
- One of its subsidiaries, Exide Leclanche Energy Private Ltd, popularly known as “Nexcharge”, had recently started manufacturing litium-ion battery packs and modules, along with Battery Management System (BMS) and other control software at its facility in Gujarat.
- Exide expects its lithium cell business to contribute Rs 10-12,000 crore of revenues in the next 8-10 years. For comparison, Exide’s existing lead acid battery business reported revenues of approx Rs 14,000 crore in the last twelve months.
Considering everything, Exide seems to be making serious efforts to prepare for the future and pivot it’s business towards the greener solutions.