Exide Industries advanced 2.23% to Rs 157.95 after the company announced the bhoomi poojan ceremony for its first lithium-ion cell manufacturing facility at the Hi-Tech Defense & Aerospace Park Phase-2, Bengaluru.
"The event marked the formal start of construction of one of India's first multi-gigawatt hour lithium- ion cell manufacturing facility, the battery maker said in a statement.
Exide's proposed Gigafactory will be spread over 80 acres of land and will be producing technology lithium-ion batteries to suit varied EV & Industrial segment requirements.
Keeping this objective in mind, Exide has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. (SVOLT), a global technology company that makes and develops lithium-ion batteries and battery systems for EVs as well as for energy storage. In addition to technology, SVOLT will provide support for setting up the plant on a turnkey basis.
Moreover, Exide will also set up an R&D lab and pilot line to support new product development for the Indian market.
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The first phase of the facility is expected to be operational by the end of 2024, the company stated.
Subir Chakraborty, Exide MD & CEO, said, While we continue to maintain our leading position in the lead-acid battery market for the past 75 years, we have simultaneously taken significant steps to strengthen our position in the emerging li-ion market.
On this auspicious day of the Bhoomi Poojan, we are delighted to give a formal start to this greenfield unit coming up under Exide Energy Solutions.
Exide Industries designs, manufactures, markets and sells the widest range of lead acid storage batteries in the world from 2.5Ah to 20,200 Ah capacity, to cover the broadest spectrum of applications. The batteries are manufactured for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining and defence sectors. The company enjoys leadership position in India and its exports span 60 countries across six continents.
The company's consolidated net profit zoomed 516.70% to Rs 202.77 crore in the quarter ended June 2022 as against Rs 32.88 crore during the previous quarter ended June 2021. Sales rose 56.76% to Rs 4021.77 crore in Q1 FY23 over Q1 FY22.
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