Exide in a statement on Thursday said partner SVOLT Energy Technology Co Ltd (SVOLT) as part of the agreement will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.
“SVOLT will also provide the support required for setting up of a state-of-the art green field manufacturing plant on a turnkey basis. Exide is in the process of forming a Special Purpose Vehicle (SPV) by way of a wholly-owned subsidiary for carrying out the said lithium-ion cell manufacturing business,” company officials said.
“It is in a fairly advanced stage of discussions for finalising the land parcel for this facility,” Exide said.
The company has participated in the Production-Linked Incentives (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage.
“With SVOLTs strong technical expertise, R&D capabilities and rich experience in manufacturing lithium-ion batteries, Exide plans to set-up a multi-gigawatt lithium-ion cell manufacturing facility. Spread out across two popular cell chemistries and three cell formats, this unit shall be uniquely placed to cater to the diverse requirements of customers in India,” Exide MD & CEO Subir Chakraborty said.
SVOLT, a leader in the new technology, is headquartered in Jiangsu province in China.
(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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