Company decides to establish Li-On cell manufacturing plant in IndiaEXIDEIND - 256 Change: -1.85 (-0.72 %)
News: Exide Industries, at its board meeting held yesterday, has decided to set up a multi-gigawatt lithium-ion cell manufacturing plant in India. It also plans to apply for and participate in the production linked incentive (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) battery storage, issued by the Ministry of Heavy Industries.
Views: Exide Industries is the market leader in the lead acid battery space in the automobile domain. It is also at the forefront of electrification drive by forming JV with Leclanche SA, Switzerland for production of battery packs and modules. The announcement is a step in the right direction given the government’s thrust on electrification domestically. The company is expected to share further details on this venture in due course of time.