Bangalore, Karnataka – Exide Industries, India’s largest automotive battery manufacturer, has announced a significant expansion plan in Bangalore1. The company is investing Rs 6000 crore in a state-of-the-art lithium-ion cell manufacturing unit at the Hi-Tech Defense & Aerospace Park, Phase-2, in Haraluru, near Bengaluru airport2. This facility is expected to become operational by the end of 20243.
Location and Facility Details
The new facility will be spread over 80 acres and will be one of the country’s largest giga factories for advanced cell chemistry technology2. The strategic location in the Hi-Tech Defense & Aerospace Park will facilitate seamless logistics and access to a skilled workforce1.
Employment Opportunities
The expansion is set to create around 1400 jobs, providing a significant boost to the local economy2. The jobs will range from manufacturing roles to research and development positions, contributing to the growth of the region’s industrial sector2.
Share Price and Financial Performance
Exide Industries’ share price has shown a positive trend over the past year4. As of October 4, 2024, the share price closed at INR 502.40, marking a steady increase from INR 241.70 in October 20234. The company’s market cap has grown significantly, reflecting investor confidence in its expansion plans and financial health5.
Expansion in the EV Market
Exide Industries is also focusing on the electric vehicle (EV) market6. The company has invested Rs 100 crore in its EV battery arm, Exide Energy Solutions, which is setting up the new facility in Bangalore6. Additionally, Exide has formed strategic partnerships with Hyundai Motor Company and Kia Corporation to localize EV battery production in India7. This collaboration aims to equip future EVs in the Indian market with locally produced lithium-iron-phosphate (LFP) batteries8.
Sources:
1auto.economictimes.indiatimes.com2economictimes.indiatimes.com3etn.news4stockpricearchive.com5stockanalysis.com6www.ndtvprofit.com7www.moneycontrol.com8www.hyundai.com
