Exide Industries, India’s largest manufacturer of lead-acid batteries, has increased stake in its lithium battery joint venture (JV) with Swiss energy storage solutions company Leclanché to 80.15% through an additional investment of INR 33.17 crore.
“With the current investment, Exide Industries’ shareholding in the joint venture company has increased by another 2.28% from 77.87% to 80.15% of the paid-up equity share capital”—Exide said in a stock exchange filing.
In June 2018, Exide Industries and Leclanché had announced their partnership to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.
The partnership agreement entailed forming a joint venture to set up a module and battery pack assembly line, followed by a lithium-ion cell production plant in Gujarat.
Currently, the joint venture, called Exide Leclanche Energy (also known as nexcharge), is engaged in the manufacture, assembly, trade, sale, and distribution of lithium-ion batteries, module making and associated systems from its Gujarat plant. It also undertakes contract manufacturing/sourcing of modules for third parties.
The JV company had a net worth of INR 144.98 crore as of March 31, 2020. Turnover for the year ending March 31, 2020 stood at INR 2.19 crore, with a loss after tax of INR 18.95 crore.
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