Kolkata: Automotive battery maker Exide Industries Ltd said in a regulatory filing late on Wednesday evening that it has signed an agreement to form a joint venture (JV) company with Switzerland’s Leclanche SA to manufacture lithium-ion batteries in India for electric vehicles.

Exide will own 75% in the JV, which will build a cell manufacturing facility in Gujarat. Exide recently acquired a mothballed battery factory in the state for an undisclosed price.

Apart from providing risk capital to the tune of 25%, Leclanche will also provide technology to the JV.

The production facility is expected to be ready by mid-2020, according to a statement by Exide. The partnership with Leclanche creates access to engineering resources to manufacture market-ready products, Exide’s chief executive officer Gautam Chatterjee was quoted as saying in the statement.

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