Exide Industries said that the company has decided to set up a multi-gigawatt lithium-ion cell manufacturing plant.
It also plans to apply for and participate in the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries.
Subir Chakraborty, MD & CEO, said 'Electric Vehicle penetration in India is expected to become a reality in the near future. The Government is pushing electric vehicle manufacturing through a supportive policy framework and by providing incentives to the manufacturers in this space. As a result, Lithium-ion battery-based storage solutions will gain prominence, for both automotive and industrial applications.
The company has already set up a state-of-the-art factory (in JV with Leclanche SA, Switzerland) which is equipped with fully automated lithium-ion assembly lines for battery packs and modules. The factory has already started production and shall be offering energy solutions that are scalable and eco-friendly.
We have now planned to setup a multi-gigawatt lithium-ion cell manufacturing plant and to participate in the Production-Linked Incentive Scheme for Advanced Chemistry Cell manufacturing as proposed by Government of India. Cell manufacturing is an integral part of the Lithium-ion battery manufacturing chain, and we believe that the setting up of this plant will enable us to be more cost-competitive.
Exide designs, manufactures, markets and sells the widest range of lead acid storage batteries in the world from 2.5Ah to 20,600Ah capacity. The batteries are manufactured for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining and defence sectors.
The company's consolidated net profit declined 23.62% to Rs 196.49 crore despite a 18.62% rise in sales to Rs 4758.22 crore in Q2 FY22 over Q2 FY21.
The scrip rose 0.93% to currently trade at Rs 156.75 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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