Exide commissions battery recycling plantEXIDEIND - 157 Change: 2.45 (1.59 %)
News: In a regulatory exchange filing Exide informed about commissioning of greenfield manufacturing facility of battery recycling at Haldia, in West Bengal by its wholly owned subsidiary Chloride Metals (CML) with an annual capacity of 108,000 MT per annum. This recycling plant is spread over 21+ acres and is equipped with modern state-of-the-art technology with the help of global engineering firm, Engitec Technologies SPA Italy.
Views: CML is promoted by Exide strategically as part of backward integration to meet its demand for lead and lead alloys. With this new commissioning it has total three recycling plants operating in India. CML has net assets worth Rs. 180 crore with PAT of Rs.14 crore as at FY21. Exide's equity investment in CML is pegged at ~Rs.179 crore as of FY21 with Exide’s raw material procurement from CML at ~Rs.2,100 crore i.e. it meets ~32% of its raw material requirements through captive sources.