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Exide Industries is on schedule to finalize the construction of the first phase of its lithium-ion cell manufacturing facility in Bengaluru by March 2025, according to Managing Director and CEO Avik Roy. The plant, which is being developed in two phases of 6 gigawatt hours (GWh) each, will see its initial 6 GWh phase completed by the end of this financial year.
Speaking at the company’s annual general meeting, Roy detailed that the project, which began in 2021, is progressing well with over 300 professionals actively involved. The facility operates under Exide Energy Solutions Limited (EESL), a wholly-owned subsidiary of Exide Industries.
In FY24, Exide invested Rs 1,285 crore in equity towards the project, bringing the total investment in EESL to Rs 2,302 crore as of March 2024, including funds from the former subsidiary Exide Energy Private Ltd. Roy also highlighted ongoing efforts to partner with local and global suppliers for raw materials and onboard key customers across various sectors.
Exide’s foray into lithium-ion technology began in 2018 with a battery module and pack facility in Gujarat, which is now operational and supplying high-quality products to transportation and industrial sectors.
Roy noted that demand for lithium-ion batteries is projected to reach 150 GWh by 2030, with approximately 70% driven by the mobility sector and the remaining 30% by industrial uses. He emphasized the expanding EV market, with two-wheeler and four-wheeler OEMs scaling up production capabilities, creating substantial opportunities for lithium-ion batteries.
Looking ahead, Roy expressed optimism about the business outlook, citing increased automotive volumes, growing export demand for lead-acid batteries, and strong order inquiries across industrial sectors. |
