Storage battery major Exide Industries expects the first phase of the green-field 12-gigawatt lithium-ion cell manufacturing plant in Bengaluru to be completed by the end of the current financial year, as the project is progressing according to the timelines.
The Kolkata-based company’s subsidiary, Exide Energy Solutions (EESL), is in the final stages of establishing the lithium-ion cell manufacturing project. With India’s electric vehicle market rapidly expanding, EESL signed a non-binding memorandum of understanding (MOU) with Hyundai Motor and Kia Corporation for strategic co-operation in the market, Exide Industries said in its annual report for the financial year 2023-24, which was released on Thursday.
Amidst the surging demands for lithium-ion batteries and storage solutions, EESL’s scope extends to producing, assembling, and commercialising of battery modules and packs tailored for mobility and grid-based…
