Exide has declared that the company will invest an amount of Rs 6,000 crore in Karnataka to set up giga factories for Advanced Cell Chemistry (ACC) technology in the state.
announcement was made following the meeting between Exide India MD and CEO Subir Chakraborty and Karnataka Chief Minister Basavaraj Bommai on March 31.
The company has asked for land in the Haraluru Industrial Area for setting up the manufacturing facility.
Earlier this month, the storage battery major had collaborated with Chinese firm SVOLT Energy Technology for lithium-ion battery manufacturing in India.
As part of the agreement, Exide will commercialise the technology owned by SVOLT in lithium ion cells.
The Chinese firm will reportedly provide Exide with the support to set up a manufacturing plant, as per reports.
According to reports, Exide is in the process of forming a special purpose vehicle in the form of a wholly-owned subsidiary for manufacturing lithium ion cells.
