Exide Industries, India’s largest manufacturer of lead-acid batteries, has invested INR 199,999,989 (US$ 2.68 million) in its lithium battery joint venture (JV) with Swiss energy storage solutions company Leclanché. With this, it has increased its total equity stake in the joint venture to 84.90%.

Exide Leclanche Energy Private Limited, the JV company, was formed in June 2018 to set up a lithium battery pack and module assembly line in Gujarat, followed by a lithium-ion cell production plant, to cater to India’s electric vehicle and grid-based energy storage market. It already has a plant in Gujarat equipped with fully automated assembly lines for battery packs and modules. 

The JV company had a net worth of INR 193.12 crore (US$25.9 million) as of March 31, 2021. Turnover for the year ending March 31, 2021 stood at INR 3.02 crore (US$0.4 million), with a loss after tax of INR 18.21 crore (US$2.44 million).

The latest investment into the JV follows Exide Industries’ board of directors recently approving the setting up of a multi-gigawatt lithium-ion cell manufacturing plant. Exide Industries has already applied under the Production-Linked Incentive (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries.