Mumbai, 31st October, 2007: Exide Industries Limited, the largest manufacturer of Lead Acid Storage Batteries in South Asia announced today that it had finalized the 100% acquisition of Tandon Metals Pvt Ltd, an unlisted Lead smelting company located near Pune, Maharashtra. |
|
|
Mr T V Ramanathan, Managing Director & CEO of Exide stated that, "we are pleased that we have been able to acquire this smelter who is an important supplier of Lead Alloys of good quality to our factories located in Western India. The challenge that we face now is to scale up the production capacity of this unit in a cost effective manner in the shortest period of time possible. This we believe would give us economies of scale and inter-alia, assist us in import substitution." |
|
|
|
Dr S K Mittal, Director - Research & Development, Exide was ecstatic on this development. He said: "This acquisition opens up avenues for us to outsource different types of Lead Alloys from a source which has a proven track record without in any way compromising on quality. R & D of Exide would also benefit from having a ready source to research and evaluate new alloy composition." |
|
|
|
Mr P K Kataky, Director-Automotive, Exide added, "this is a long overdue initiative which will certainly enthuse our marketing team in their efforts to persuade a larger number of dealers to deliver to Exide, scrap batteries collected by them from customers. This would strengthen the ongoing efforts to discharge our obligations under Battery Handling And Management Rules, 2001." |
|
|
|
About Exide Industries Limited |
|
|
|
With seven manufacturing plants strategically located across the country, Exide Industries Ltd. is the country's largest producer of lead acid storage batteries both for automotive and industrial applications. Its range of products covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines and virtually everything in between. In automotive batteries, the company controls a market share of over 80 percent in the OE business and above 75 percent in the branded replacement market. In Industrial batteries, the company enjoys more than 50 percent market share. Its customer range includes some of the largest global names like Toyota, Honda, General Motors and APC among others. Exide's products are exported to Western Europe, Far East, Middle East, Australia and Africa. |
|
|
|
|
|