Battery maker Exide has announced an investment of Rs 6,000 crore in Karnataka to set up one of the India’s largest giga factories for Advanced Cell Chemistry (ACC) technology in the state.
The announcement came after Exide India MD and CEO Subir Chakraborty met with Karnataka Chief Minister Basavaraj Bommai on Thursday (31 March).
The company has sought land in the Haraluru Industrial Area for setting up the facility to manufacture the advance chemistry cell (ACC) batteries.
This will be one of #Indiaâs largest Giga factories for Advanced Cell Chemistry Technology and land has been requested in the #Haraluru Industrial Area. #InvestinKarnataka @NiraniMurugesh @investindia @IIG_GoI @DPIITGoI @CimGOI @Vtpc_karnataka @KarnatakaVarthe
The storage battery major had earlier this month partnered with Chinese firm SVOLT Energy Technology for lithium-ion battery manufacturing in India.
As part of the agreement, Exide will commercialise the technology owned by SVOLT in lithium ion cells.
The Chinese firm will reportedly provide Exide with the support to set up a manufacturing plant, reports Economic Times.
According to reports, Exide is in the process of forming a special purpose vehicle in the form of a wholly-owned subsidiary for manufacturing lithium ion cells.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 – 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
Swarajya – a big tent for liberal right of centre discourse that reaches out, engages and caters to the new India.