Kolkata: Storage battery major Exide Industries is likely to invest Rs 1,400 crore more this fiscal in its Bengaluru-based lithium-ion cell manufacturing plant to take the total investment to Rs 6,000 crore, MD and CEO Avik Roy said after the company’s annual general meeting on Friday. The first phase has a capacity of 6 GWh.Roy said the Bengaluru plant is expected to begin generating revenue from the third quarter of the current fiscal. “Initially, we will replace imported lithium iron phosphate cells for our Gujarat battery pack plant catering to the three-wheeler segment. By the end of the fiscal, we also expect supplies for certain two-wheeler battery pack applications and NMC cells for OEMs, subject to homologation and approval,” he said.Exide expects to use around 3 GWh of the first-phase capacity this year, with the qualification process for passenger vehicle battery cells also underway.Roy described the lithium-ion venture as a strategic transformation, while noting that Exide would continue to invest in its conventional lead-acid battery business — with over Rs 400 crore earmarked for that segment this fiscal. The company is targeting revenues of Rs 20,000 crore by FY28, up from its current topline of Rs 17,200 crore.India’s domestic lithium-ion cell demand is currently met almost entirely through imports despite the country’s fast-growing electric mobility market.Domestic demand stands at around 20 GWh and is projected to rise to 130 GWh by 2030, of which nearly 100 GWh is expected to be driven by electric vehicles, Roy said.
