Exide industries has invested Rs 199,999,989 ($2.68 million) in the joint venture with Swiss energy storage company Laclanche. Exide is India’s largest manufacturer of lead-acid batteries. With the following investment, it has increased it’s total share in the company to 84.90 per cent.

The joint venture is named Exide Laclanche Energy private Limited. The plant was set up back in June 2018 in Gujarat. The objective was to produce lithium battery pack to cater the needs of electric vehicle and grid-based energy storage market. It already has a plant in Gujarat equipped with fully automated assembly lines for battery packs and modules.

The joint venture is of net worth of Rs 193.12 crore as of March 31, 2021. After the tax deduction of Rs 18.21 crore the annual turnover stood at Rs 3.02 crore.

The latest investment into the JV follows Exide Industries’ board of directors recently approving the setting up of a multi-gigawatt lithium-ion cell manufacturing plant. Exide Industries has already applied under the Production-Linked Incentive (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries.