OPEN APP
Home / Industry / Manufacturing /  Exide forms JV with Switzerland’s Leclanche to make lithium-ion batteries

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.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout