India’s biggest lead-acid battery maker, Exide Industries, has increased its stake in Nexcharge— the lithium-ion joint venture (JV) it formed with Leclanché in 2018.
Exide increased its shareholding in the JV by 2.28% to bring its total ownership share to 80.15%, the Indian firm said in a stock exchange filing on 23 November.
The deal set Exide back Rs33.17 Crore ($4.4 million).
The JV’s production plant, which includes a module and battery pack assembly line, is based in Gujarat, India.
Nexcharge is focused on e-transport (fleet vehicles including e-buses, e-wheelers and e-rickshaws), stationary energy storage systems and speciality storage markets.