Exide not to exit ING Vysya Life, to pump Rs 370 cr

Automobile battery major Exide Industries today said they would continue to invest in ING Vysya Life Insurance Company and would pump in more funds as and when required.

"We are here for longer term growth. We believe in long-term benefit of shareholders. We got a board approval to invest in ING Vysya.

And this year we got board approval to invest up to Rs 150 crore," Exide Industries Managing Director and Chief Executive Officer TV Ramanathan said here today on the sidelines of AGM.

Drug maker Piramal Healthcare was reported to be holding talks to acquire Enam Financial's stake in ING Life Insurance.

Meanwhile, Exide will expand its capacity for both two-wheeler and four-wheeler batteries this fiscal and pump in some Rs 370 crore during the year.

"We will be investing Rs 370 crore this year. It will be funded entirely from our own sources. Capacity will be raised to 12 million batteries for four-wheelers and 21.6 million batteries for two-wheelers by October," Ramanathan said.

The capacities are 10.2 million batteries for four-wheelers and 14 million batteries for two-wheelers.

On a question whether the company is looking for price increase, Ramanathan said, "Every time we review the prices and if the market situation permits we increase. But we do not have any future plan now."