NEW DELHI: Subir Chakraborty, managing director and chief executive of Exide Industries, on Tuesday said the commercial production of the first phase of the company’s lithium-ion cell manufacturing project in Karnataka is expected by the end of the next financial year 2025.
Chakraborty said this Rs 6,000 crore 12GW lithium-ion cell manufacturing plant is progressing well. According to him, the company has received very lucrative incentives from the Karnataka government, which ranged between 18-20% of the capital expenditure. However, the company couldn’t qualify for the PLI scheme.
On the growing demand coming from the EV sector, the MD noted that as the adoption of EVs accelerates in India and the demand for lithium-ion battery-based storage solutions gain momentum, Exide stands prepared for the future.
“Our packs and module subsidiary, Exide EnergyPrivate Limited (EEPL), has received orders of nearly Rs 700 crore from leading EV players which are expected to be executed in the next 12-15 months, thus providing strong sales visibility,” he said. He also said the anti-dumping by GCC countries on batteries will have a minor impact on the company.