Exide to invest Rs 3,000 crore in lithium-ion plant
Times of India | 10 July 2026
Kolkata: Storage battery major Exide Industries is likely to invest close to Rs 3,000 crore in the second phase of its Bengaluru lithium-ion cell manufacturing plant, taking total capacity to 12 GWh, MD and CEO Avik Roy said after the company’s annual general meeting on Friday.
The first phase, with a capacity of 6 GWh, has already attracted over Rs 6,000 crore in total investment, with Rs 1,400 crore more being added in the current fiscal.
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 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.
Exide bullish about Bengal: MD
Exide Industries is bullish about Bengal and will explore more investment opportunities in the state, said MD and CEO Avik Roy. The company has four plants in Bengal and the state currently contributes around 50% of Exide’s revenue.