Amid ongoing litigation in the Supreme Court over usage of Exide trademark in India, battery major Exide Industries Ltd on Monday said it has entered into a settlement agreement with US-based Exide Technologies to resolve the long standing dispute.
"The company was in discussion with the US company for an out of court settlement to amicably resolve the long standing dispute," the battery manufacturer said in a regulatory filing.
It also said: "Based on the discussions, the company has entered into a settlement agreement with the US company on May 19, 2017, whereby the US company, subject to fulfilment of conditions mentioned therein, shall forever waive any right or claim to the ownership and/or use of Exide mark in India."
The city-based battery maker said that "litigation is still pending before the Supreme Court for its consideration and disposal".
The legal proceeding was going on for more than 19 years.
--IANS
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