Business Standard

Exide Energy to double up its production capacity, seeks additional land

The company leadership team led by Managing Director and CEO Mandar V. Deo met large and medium industries minister MB Patil on Monday and submitted a proposal in this regard

Immediate gains more likely for Exide Industries' stock than HDFC Life

Welcoming the proposal, Patil said that the government which has intended to facilitate the growth of the EV sector in the state would decide on this after reviewing the proposal.

ANI

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Exide Energy, which has undertaken the work of setting up a lithium battery cell plant at Devanahalli Industrial Area 2nd phase, has intended to double up its production capacity and sought additional 40 acres of land in this connection, said the company in a statement.
The company leadership team led by Managing Director and CEO Mandar V. Deo met large and medium industries minister MB Patil on Monday and submitted a proposal in this regard.
"The company has already taken up the work of setting up a plant of 6,000 gigawatts production capacity in Devanahalli Industrial Area 2nd phase. The work is in progress and operation is likely to commence in 2024. In addition to this, the company desires to add another 6,000 gigawatts of production capacity. The total investment for the two plants would be Rs. 6,000 crore," Minister explained.
Welcoming the proposal, Patil said that the government which has intended to facilitate the growth of the EV sector in the state would decide on this after reviewing the proposal.
The company has plans of initiating the setting up of the proposed second plant in the year 2024, Patil stated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 22 2023 | 9:58 AM IST

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