Exide to Invest Rs 6K Cr in Lithium-Ion Cell Manufacturing Unit in Bengaluru

The MD and CEO of Exide Industries, Subir Chakraborty, met Karnataka Minister for Large and Medium Industries, Murugesh R. Nirani and said the battery major would invest Rs 6,000 crore in a lithium-ion cell manufacturing Giga factory in the state.

During the meeting held at the Karnataka Udyog Mitra office, Chakraborty said the project is expected to generate 1,200-1,400 employment opportunities, and it will be one of India's largest Giga factories for advanced cell chemistry technology.

Exide has requested for 80 acres of land in the Haraluru Industrial Area near the Bengaluru airport.

Stating that the state government would extend all cooperation to the company, Nirani wished that the project would be executed soon.

"The government led by Chief Minister Basavaraj Bommai is proactive in attracting investments. The investor-friendly atmosphere one finds in Karnataka is not available anywhere else in the country," Nirani said.

The minister also pointed out that Karnataka was first in attracting FDI in the last three quarters.

Gunjan Krishna, Commissioner for Industrial Development and Director, Department of Industries & Commerce, said, "Karnataka provides an excellent industrial environment, infrastructure, and support to the investors. We are very happy to explore bigger investment opportunities in Bengaluru."