Exide Industries on Wednesday said its subsidiary has executed a sales agreement in Bengaluru to set up a lithium ion battery cell manufacturing facility.
Exide Energy Solutions Ltd (EESL) has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcel in Bengaluru, the company said in a regulatory filing.
The plant would be used to set up multi-gigawatt Li-ion battery cell manufacturing facility for the new-age electric mobility and stationary application businesses in India, it added.