Storage battery major Exide Industries will be investing Rs 1,400 crore over the next two years, of which Rs 700 crore will be at Haldia in West Bengal to introduce high performance automotive batteries with new-age punch-grid technology.
“We would be investing Rs 1,400 crore this year and next year, primarily for new technology, called punch-grid, which we are getting from East Penn of US, where it is a proven technology,” ExideBSE 0.57 %’s Managing Director and CEO, Gautam Chatterjee said after the company’s Annual General Meeting here. “This would help us to produce next generation high performance long-life batteries. The life of batteries would improve by about 20 per cent. These batteries would be meant primarily for the after-market. Out of the capex, we would be investing Rs 700 crore in setting up a one million units capacity at Haldia this year,” he said. The company has been scouting for 25 acres in Haldia and is in talks with Haldia Port Trust authorities for the land. The funding would be done internally.