Exide To Invest Rs 6,000 Crore in Karnataka To Set Up One Of India's Largest Giga Factories For Advanced Cell Chemistry Tech

Battery maker Exide has announced an investment of Rs 6,000 crore in Karnataka to set up one of the India's largest giga factories for Advanced Cell Chemistry (ACC) technology in the state.

The announcement came after Exide India MD and CEO Subir Chakraborty met with Karnataka Chief Minister Basavaraj Bommai on Thursday (31 March).

The company has sought land in the Haraluru Industrial Area for setting up the facility to manufacture the advance chemistry cell (ACC) batteries.

The storage battery major had earlier this month partnered with Chinese firm SVOLT Energy Technology for lithium-ion battery manufacturing in India.

As part of the agreement, Exide will commercialise the technology owned by SVOLT in lithium ion cells.

The Chinese firm will reportedly provide Exide with the support to set up a manufacturing plant, reports Economic Times.

According to reports, Exide is in the process of forming a special purpose vehicle in the form of a wholly-owned subsidiary for manufacturing lithium ion cells.