Exide Inds gains tie-up with China’s SVOLT

Exide Industries rose 2.09% to Rs 151.10 after the company said it entered into a long-term technical collaboration with SVOLT Energy Technology for lithium-ion cell manufacturing.

Based in China, SVOLT is a global high-tech company is engaged in the development of lithium-ion batteries and battery systems for electric vehicles and energy storage. SVOLT's comprehensive product portfolio from a single source includes battery materials, cells, modules, packs,  battery management systems, and energy storage products.

Exide is establishing a special purpose vehicle (SPV) to conduct the lithium-ion battery manufacturing business through a wholly-owned subsidiary. The debate on completing the site for this facility is at a fairly advanced stage. The company participates in the Production Linked Incentives (PLI) scheme, a national program on advanced chemical cell (ACC) battery storage issued by the Ministry of Heavy Industries.

Exide Industries designs, manufacture and sells the world's widest range of lead-acid batteries with capacities from 2.5Ah to 20,200Ah for a wide range of applications. Batteries are manufactured for the automotive, energy, telecommunications, infrastructure projects, computers, railroads, mining, and defence sectors. The company occupies a leading position in India, with exports covering 60 countries on six continents.