Lead-acid battery major Exide Industries Ltd said it is foraying into the manufacture of e- rickshaws.
Its e-rickshaw brand 'Exide Neo' was launched on Wednesday.
It will be initially launched in select markets and then introduced across the country in a phased manner, Exide Industries MD and CEO Gautam Chatterjee said.
"The e-rickshaw sector has seen phenomenal growth in the country over the past few years. We have been an integral part of it since its inception through our offerings of lead- acid batteries. We see a tremendous opportunity in the sector," he said.
Exide is one of the first branded battery makers that had brought out products exclusively for this sector.
"The e-rickshaw market, despite its exponential growth, had an absence of a large organised sector player," Exide Industries Deputy MD Subir Chakraborty said.
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The company's announcement comes after its stock slid down by 30 per cent since January 2019.
Its stock was trading at Rs 186.60 on NSE at 12.01 pm.
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