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Exide secures Rs 2000 Cr credit for Lithium-Ion Cell Project
Industry News- Sep 07,23
Exide Energy Private Limited currently boasts a state-of-the-art 1.5 GW fully automated lithium-ion battery packs and modules manufacturing facility in Prantij, Gujarat.
Exide Industries Ltd's ambitious Rs 6,000 crore project for manufacturing lithium-ion cells has successfully secured a substantial Rs 2,000 crore line of credit from various banks. The credit facility will be utilised by Exide's wholly-owned subsidiary, Exide Energy Solutions Limited, to support its lithium-ion cell manufacturing initiatives and related projects near Bangalore, according to a company spokesperson.
In a recent disclosure to stock exchanges, Exide has confirmed that it has extended a corporate guarantee to five prominent banks to facilitate the sanctioned line of credit. These banks include ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, and Kotak Mahindra Bank. The subsidiary will draw upon these funds in a phased manner to fuel its projects.
Earlier statements by Exide MD and CEO Subir Chakraborty indicated that the initial phase of the project is estimated to cost Rs 4,000 crore and will have a production capacity of 6 GWh (gigawatt-hours). The overall project's capacity is set at an impressive 12 GWh. Additionally, Exide Industries has submitted regulatory applications for the merger of its wholly-owned subsidiary, Exide Energy Private Limited (EEPL), with Exide Energy Solutions (EESL). This strategic move aims to consolidate all of its lithium battery-related ventures under a single organizational umbrella.
EEPL currently boasts a state-of-the-art 1.5 GW fully automated lithium-ion battery packs and modules manufacturing facility in Prantij, Gujarat, while EESL acts as the driving force behind the lithium cell plant. The construction of the greenfield lithium-ion cell manufacturing project in Bangalore is progressing rapidly, with plans to kick off the first phase by the end of the following year (2024-25), as revealed by Chakraborty during the recent annual general meeting for the company.
Despite potential shifts in the energy landscape towards multiple chemistries, Exide Industries maintains a strong commitment to lithium-ion technology. It anticipates that roughly 70 percent of lithium-ion battery demand will originate from the automotive sector, with the remaining demand arising from various industrial applications. Furthermore, Exide Industries has allocated a substantial capital expenditure of Rs 700 crore for the fiscal year 2023-24, primarily dedicated to expanding production capacity, technological enhancements, and meeting essential statutory and compliance requirements.
Source: Moneycontrol
Exide
Lithium-Ion Cell
Bangalore
Subsidiary
Banks
Automotive Applications
Industrial Demand
Subir Chakraborty
ICICI Bank
HDFC Bank
Axis Bank
HSBC Bank
Kotak Mahindra Bank
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