Eyeing at the country's electric vehicle (EV) market and grid-based applications, Exide Industries Ltd will start assembling lithium-ion batteries from December, a top company official said on Wednesday.
Country's largest lead acid battery maker had formed a joint venture (JV) with Switzerland-based Leclanch SA, one of the world's leading energy storage solution companies, in June last year.
The JV was formed between Exide and Leclanch in a 75:25 ratio.
"We will begin assembling lithium-ion batteries from imported cells of China in December this year. We will make batteries for several applications including electric vehicles depending on demand," Exide MD & CEO Gautam Chatterjee said.
The JV plant in Gujarat is the first such an indigenous facility in the country for manufacturing of lithium-ion batteries and provide energy storage solution for the electric vehicles.
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Previously, the company had said it invested around Rs 100 crore in the project and another Rs 100 crore would be pumped in later.
Despite foraying into future technologies, there is no major threat for lead-acid batteries for next 10-15 years given the affordability factor, Chatterjee said.
Lithuim-ion batteries are at least four times more expensive than that of lead-acid.
Meanwhile, with a push from the Centre, it was estimated that 40 per cent of cars sold in India could be electric in 2030, a study report said.
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