Kolkata: Battery maker Exide Industries Ltd on Monday said it has entered into a settlement agreement with the US-based Exide Technologies over the ownership and usage of the Exide trademark in India.

In a BSE filing it said that Exide Industries was in discussion with the US based company for an out of court settlement to amicably resolve the long standing dispute of over 19 years, while the litigation is still pending before the Supreme Court for its consideration and disposal. According to the settlement, Exide Technologies “shall forever waive any right or claim to the ownership and/or use of Exide mark in India." Both parties entered into an agreement on 19 May 2017.

In October last year, Exide has informed the bourses that the Supreme Court has granted an interim stay order in favour of Exide Industries and restrained the American company to use the name and/or mark “Exide", whether directly or indirectly, in any manner in India.

UK-based Chloride Eastern Ltd owns 45.99% stake in Exide Industries.