Exide and Leclanche to make lithium-ion EV batteries in India
Automotive battery maker Exide Industries today announced the signing of a pact with Swiss-based firm Leclanche SA for setting up a joint venture company to make lithium-ion batteries and provide energy storage systems for India’s electric vehicle market.The joint venture plans to target fleet vehicles such as e-buses, and e-rickshaws.
According to a media report, Exide Industries will hold a majority stake of 74.99% and the rest 25.01% will be held by Leclanche in the JV firm, a regulatory filing said.
The joint venture (JV) plans to set up its manufacturing facility in Gujarat. although its module and battery pack assembly line is expected to be running by the second quarter of 2019, the lithium-ion production plant is expected to be functional by mid-2020.
Exide Industries CEO Gautam Chatterjee said- “Leclanche SA is the perfect partner for us in India. The company brings superior technology, modules and battery management systems as well as immediate access to engineering resources to build market-ready products.”
Leclanche CEO Anil Srivastava said, “In a region that is expected to be one of the world’s largest and fastest growing markets for electric vehicles, the JV shall provide Leclanche with giga-scale procurement volumes, which will help reduce costs and increase recurring annuity revenues, generating recurring stable revenue growth for the company.”