Exide bets on innovation, expansion to boost exports
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Kolkata: Storage battery major Exide Industries is focusing on innovation and expansion across geographies in a bid to enhance exports in the medium term. In the last fiscal, exports contributed around 8% to the company's turnover.
"We have come out with a lot of innovative products targeted for exports which we have never done in the past," said Avik Roy, managing director and CEO, at the 78th annual general meeting.
"We have entered new countries to make our business more resilient and distributed and not dependent on one or two geographies," Roy added.
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When a few shareholders asked the management its export expansion plans, Roy said, "In the medium-term your company aims to increase the share of export business and will actively take initiatives to achieve this objective."
Roy said.
The company said it has so far invested around Rs 3,700 crore in the first phase of the lithium-ion cell manufacturing project in Bengaluru.
"We will probably invest another Rs 600-700 crore in this fiscal...With this we see that the requirement for the phase I of the 6 gigawatt hour will be met. At the end of this fiscal year we are likely to start the trial production commercially. We will see the utilisation of the 6 gigawatt hour factory, and then we will gradually plan for phase II," Roy said.
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