News Feed

India-based storage battery manufacturer Exide Industries on Tuesday informed the stock exchanges that the company will be setting up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India.

The board of directors gave an in-principle nod to the plan at a meet held on Tuesday. "Electric Vehicle penetration in India is expected to become a reality in the near future. As a result, Lithium-ion battery-based storage solutions will gain prominence, for both Automotive and Industrial applications," the company's MD & CEO Subir Chakraborty said in a press release.

Furthermore, the company said that it also plans to apply for and participate in the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. The total outlay of the scheme announced by the Centre in August 2021 is Rs 18,100 crore for five years.

"The scheme proposes a production linked subsidy based on applicable subsidy per KWh and percentage of value addition achieved on actual sales made by the manufacturers who set up production units. The PLI scheme will facilitate reduction of import dependence of ACC battery, which is imported presently," the government had said.