India's leading battery maker, Exide Industries, on Wednesday (July 27) announced that its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL) has executed a sales agreement to set up a lithium-ion cell manufacturing facility in Bengaluru, Karnataka.
"EESL has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru," the company said in a regulatory filing.
Reports state the agreement secures Exide with 80 acres of land parcel at Hitech, Defence & Aerospace Park, Phase-2, Bengaluru with KIADB. The plant would be used to set up a multi-gigawatt Exide Energy Solutions Ltd., manufacturing facility for the new-age electric mobility and stationary application businesses in India, the company added.
EESL was incorporated in March 2022, with the main object of the company to carry out the business of manufacturing battery cells of advanced chemistry and form factor, including but not limited to the cylindrical, pouch, prismatic, (the "Battery Cells"), as well as manufacturing, assembling, selling battery modules, battery packs, and other related activities.
In line with its ambitions of becoming a leading battery solutions provider of automotive, energy storage, and industrial storage applications, in March this year, Exide executed a long-term technical collaboration agreement with SVOLT.
According to the strategic partnership, SVOLT granted Exide an irrevocable license to use, exploit, and commercialize necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.
The latest update follows Exide Industries' announcement in April that it will be investing INR 6000 crore in the southern state of Karnataka for setting up a Li-ion battery giga factory -- stating that it will be one of the country's largest giga factories for advanced cell chemistry technology.
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