Exide Industries, a major player in the storage battery sector, announced plans to boost its exports to 20% of total sales in the next few years. Currently, exports make up about 8% of the company’s sales. At the annual general meeting, Exide’s Managing Director & CEO, Avik Roy, mentioned that despite global geopolitical challenges affecting export demand in FY24, the company is dedicated to growing its export share. Roy stated, “We aim to increase our exports to around 20% of total sales in the coming years.”
The company plans to expand its presence in Europe and America, as highlighted in its latest annual report. Exide is preparing to start commercial production of new AGM technology and EFBM2-compliant batteries for these markets.
Additionally, Exide is exploring new opportunities to export submarine batteries and is in talks with potential customers for supplies in this fiscal year. The first phase of a new 12-gigawatt lithium-ion cell manufacturing plant in Bengaluru is expected to be completed by the end of the current financial year. Exide invested ₹1,285 crore in this Bengaluru project last fiscal.
Roy also noted that demand for lithium-ion batteries and storage solutions is growing in India. Exide, an early adopter of lithium-ion technology, has an operational facility in Gujarat that became functional in 2022, providing innovative products and solutions.
