Exide forms JV with Switzerland’s Leclanche to make lithium-ion batteries1 min read . Updated: 29 Jun 2018, 12:04 AM IST
Exide-Leclanche JV will build a cell manufacturing facility in Gujarat, Swiss firm to provide risk capital to the tune of 25%
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.