India’s largest manufacturer of lead-acid batteries and energy storage solutions Exide Industries Ltd (EIL) has increased its stake to 80.15 % in its joint venture (JV) with Leclanché,a Swiss firm.
The JVC will focus on stationary energy storage systems,electric transport, and specially storage markets.
It has also invested INR 33.17 crore (approx*) by subscription to the equity share capital of Exide Leclanché Energy Pvt Ltd which is its subsidiary, the company stated.
EIL said that “With the above investment, the equity shareholding of EIL in the joint venture company (JVC) stands increased from 77.87 %to 80.15 % of the total paid-up share capital.
Early in 2018 Exide Industries signed a pact with Leclanché SA to build lithium-ion batteries and provide energy storage systems to meet the growing needs of the EV sector and grid-connected applications in India.
The company’s paid up capital of the JV is INR 128.59 crore and the recent investments aims at meeting the funding requirement specifically the capital expenditure projects of the JVC, According to PTI report.