Eyeing India’s electric vehicle market and grid-based applications, the country’s largest storage battery maker Exide Industries has formed a joint venture with Switzerland-based Leclanché, one of the world’s leading energy storage solution companies, to make lithium-ion batteries.
The joint venture has been formed between Exide and Leclanché in a 75:25 ratio. Significantly, the JV company’s production plant will be based in Gujarat, where Exide Industries is set to acquire a facility of Tudor India. The proposed plant would be the first such indigenous facility in the country.
The Kolkata-based battery major has already entered into an asset purchase agreement with Tudor, a part of US-based Exide Technologies, towards acquisition of its immovable and movable assets of the Gujarat factory. The asset purchase transaction is expected to be complete within a month.
As part of the JV, Leclanché will provide access to its knowhow and intellectual property for lithium-ion cells, modules and battery management systems, and Exide Industries will leverage its extensive sales network and brand. “As a result of this unique combination, the JV is ideally positioned to be a leading provider of storage solutions for electric vehicles and energy storage applications in India and will also contribute to developing solutions to increase the amount of renewable energy that is used,” said a joint press release.
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