Exide Industries Ltd., one of the major battery solutions manufacturer of India, has entered into a multi-year agreement with China-based SVOLT Energy Technology Co. Ltd. as part of its plan to make electric vehicle batteries in India.
SVOLT to Provide Technology Assistance for Li-ion Manufacturing in India
In an exchange filling Exide Industries stated that SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.
Exide stated that it is in the process of forming a Special Purpose Vehicle (SPV) by way of a wholly-owned subsidiary for carrying out its lithium-ion cell manufacturing business. The company is in the advanced stages of discussions for finalising the land parcel for this facility.
Exide said SVOLT will also provide the support required for setting up of a green field manufacturing plant on a turnkey basis. The China-based company is engaged in the business of production and development of lithium-ion batteries and battery systems for electric vehicles as well as for energy storage.
Commenting on the development Mr. Subir Chakraborty, MD & CEO, Exide Industries said “With SVOLT’s strong technical expertise, R&D capabilities and rich experience in manufacturing lithium-ion batteries, Exide plans to set-up a multi-gigawatt lithium-ion cell manufacturing facility. Spread out across two popular cell chemistries and three cell formats, this unit shall be uniquely placed to cater to the diverse requirements of customers in India”.
Exide Industries Applied for PLI Scheme of the Govt. of India
Exide Industries had earlier participated in the Production-Linked Incentives (PLI) scheme for the national programme on Advanced Chemistry Cell (ACC) battery storage, issued by the Ministry of Heavy Industries. The PLI for advanced chemistry cell (ACC) batteries is of ₹18,100 crore.
About Exide Industries Ltd.: Exide Industries Limited is an Indian multinational storage battery manufacturer headquartered in Kolkata. The company has plants in India and Sri Lanka and dealership network in 46 countries spanning 5 continents. Exide also has four major lead-acid battery recycling facilities — two of which are in the United States, and one each in Spain and Portugal.
The company posted a turnover of INR 10,007 Crore in FY-21.