Exide Energy: The company has already taken up the work of setting up a plant of 6 Gigawatts-hours (GWh) production capacity at the second phase of the Devanahalli Industrial Area. The work is in progress and operation is likely to commence next year. In addition to this, the company is planning to add another 6 Gigawatts-hours (GWh) of production capacity. The total investment for the two plants would be about INR 6,000 crore, the minister said.
Li-ion Battery: US-based IBC signed an agreement with the state government this month to set up a recyclable lithium-ion battery manufacturing unit. The company plans to invest INR 8,000 crore in the project.
Exide Industries plans to regain its pre-pandemic EBITDA margin of 13-14% within the next one to two years after its current margin reached 10.6%. CEO Subir Chakraborty anticipates a turnaround in both the automotive and industrial sectors, but input costs have remained inconsistent. Chakraborty also indicated the company s INR 6,000 crore lithium-ion cell manufacturing plant near Bangalore is advancing as planned, with commercial production to start in 2024-25.