Exide invests over ₹2.7k crore towards sustainability
Times of India | 30 July 2024
Kolkata: Battery major Exide Industries has already invested Rs 2,671 crore towards sustainability — producing lithium ion cells and recycling lead and lead alloys — and is planning to pump in more in the sector. This was disclosed by Exide MD and CEO Avik Roy during the annual general meeting of the company. Roy added that 20% of Exide’s energy consumption was now coming from renewable sources and its target was to enhance it to 30% by 2030.
He added that the first phase of the company’s lithium ion cell manufacturing facility in Bengaluru would be ready by March 2025.Roy said that the Bengaluru facility would have a capacity of 12 kWh and would be commissioned in two phases.
Roy pointed out that sustainability was ingrained in the business strategy of the battery major. “In our commitment to environmental stewardship, we continue to introduce more efficient and eco-friendly products across both automotive and industrial divisions. Our subsidiary Chloride Metals Ltd specialises in the secondary smelting and refining of lead and lead alloys, thereby contributing to a circular economy. Another subsidiary, Exide Energy Solutions Ltd, is also contributing to a greener economy by providing lithium ion batteries and solutions for electric vehicles and other applications.” He also said that 75% of the lead used by the company was recycled.
About the company’s business plans, Roy said: “We want to increase share of exports in medium term. At the moment, 8% of our sales come from exports but we are slowly trying to grow it to close to 20% of our sales in next few years. We shall enhance product ranges for US and European markets.” In the replacement market this year, the focus was on activation of upcountry networks and on introduction of the products to meet rising demand, he added.