Exide Boost Risk in Li-ion Battery JV With Leclanche to 80.15%.

• Battery manufacturer Exide Industries has actually increased its stake in its JV with Swiss firm Leclanche to 80.15 percent with an additional financial investment of Rs 33.17 crore.

Battery manufacturer Exide Industries has actually revealed that it has enhanced its risk in its joint endeavor (JV) with Swiss firm Leclanche to 80.15 percent with a further financial investment of Rs 33.17 crore by way of membership to equity shares of the JV.

In June 2018, Exide Industries had revealed the signing of a pact with Leclanche SA for setting up a joint venture firm, Exide Leclanche Energy Pvt Ltd, to build lithium-ion batteries and offer power storage space systems for India's electrical vehicle market.

Battery maker Exide Industries has actually increased its stake in its JV with Swiss company Leclanche to 80.15 percent with a more investment of Rs 33.17 crore.

Battery maker Exide Industries has actually introduced that it has actually boosted its risk in its joint endeavor (JV) with Swiss firm Leclanche to 80.15 percent with a more financial investment of Rs 33.17 crore by way of subscription to equity shares of the JV.

In June 2018, Exide Industries had actually introduced the signing of a deal with Leclanche SA for establishing a joint venture company, Exide Leclanche Energy Pvt Ltd, to build lithium-ion batteries as well as give energy storage systems for India's electric automobile market.

Exide Industries Ltd (EIL) has better invested an amount accumulating to Rs 33.17 crore by way of membership to the equity share resources of its subsidiary, Exide Leclanche Energy Pvt Ltd, the business said in a regulative filing.

" With the above investment, the equity shareholding of EIL in JVC (joint endeavor business) stands raised from 77.87 percent to 80.15 percent of the total paid-up share funding," it included. EIL claimed its further investment is "to meet the financing demand, particularly the capital investment tasks of JVC".

The firm said that as of day, the paid-up capital of the JV is Rs 128.59 crore. Its total assets as of March 31, 2020, was Rs 144.98 crore with a turn over of Rs 2.19 crore. It uploaded a loss after tax obligation of Rs 18.95 crore for the year ended March 31, 2020.

In August, we had reported that Exide is intending to start manufacturing lithium-ion (Li-Ion) batteries from its joint venture plant in Gujarat by end of this calendar year, according to a high-level business official. The JV company's manufacturing plant in Gujarat is the very first such native facility in the country for manufacturing lithium-ion batteries as well as provide power storage space systems for the EV market, with the government's push towards advertising electric mobility.

The key area of emphasis for the venture will certainly be e-transport, stationary energy storage space systems, and specialized storage space markets. In e-transport, which is the key target sector, the venture will service a fleet of vehicles consisting of electric buses, electric two-wheelers and electric rickshaws.