Exide aims to become a ₹20,000 crore company in the next 2-3 years
The storage battery maker
Exide Industries
is aiming to become a ₹20000-crore company in the next two to three years, growing from ₹16588 crore as of end March, managing director Avik Roy said Tuesday in his first ever media interaction.
He said that the first phase of the green-field
lithium-ion cell manufacturing
plant would be up and running by the end of FY26.
Kolkata-headquartered Exide's subsidiary
Exide Energy Solution
is setting up the country's first lithium-ion cell manufacturing unit in Bengaluru with a proposed 12 gigawatt hour capacity in two equal phases of 6 gigawatt hour each targeting the rapidly expanding local electronic vehicle market.
It signed a non-binding agreement with
Hyundai Motor
and
Kia Corporation
for strategic cooperation in the market.
Exide has so far made equity investment of ₹3600 crore into the subsidiary while the board has approved another ₹1200 crore for the first phase of the unit.
Roy, who took the driver's seat at Exide on May 1, last year, said that the company also invests about ₹500 crore every year into its lead-storage battery units.
"As we enter FY26, the outlook for the lead-acid
business
remains positive across most business verticals. During the year, we have strengthened our businesses and go-to-market strategy, by transitioning from a SBU-led organisation to a Functional Organisation. We have also strengthened our senior leadership team by bringing in seasoned business leaders from global corporations," Roy said.
Exide reported a 3% rise in annual net profit for FY25 at ₹1,077 crore over the preceding year profit.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
2 hours ago
- Indian Express
DGCA directs Turkish Airlines to ensure compliance with safety regulations after inspections reveal lapses
Amid the backlash against Turkey in India over the former's open support for Pakistan, India's aviation safety watchdog Directorate General of Civil Aviation (DGCA) has directed Turkish Airlines to ensure full compliance with international civil aviation standards and practices as well as DGCA regulations. The directions follow inspections of the carrier's passenger and cargo flights at four Indian airports, which revealed some lapses, including improper and incomplete paperwork for carriage of 'dangerous goods'. The past few weeks have seen a growing clamour for a boycott of Turkey and review of Turkish firms' presence in India in the wake of Operation Sindoor. The aviation sector has found itself at the centre of deteriorating relationship between India and Turkey. The Indian government has already revoked the security clearance of Istanbul-headquartered airport ground handling major Celebi, effectively bringing its India operations to a halt overnight. IndiGo will be terminating its damp lease arrangement for two Turkish Airlines aircraft within three months, and Air India plans to gradually stop using the services of Turkish Technic for heavy maintenance of some of its wide-body aircraft. The DGCA conducted safety oversight and ramp (SOFA/RAMP) inspections of Turkish Airlines' passenger and cargo flights at Delhi, Hyderabad, Chennai, and Bengaluru from May 29 to June 2. According to the regulator, the inspections were carried out to ensure compliance with both international and national safety regulations. The DGCA will conduct follow-up inspections 'as necessary to ensure continuous safety oversight'. Among other gaps, the inspection found that in one instance, the cargo on one of the Turkish Airlines planes contained 'dangerous goods' for which permission is required from the DGCA—for carriage of explosives to or from or over India. However, the permission was 'not found to be attached nor was it mentioned in the dangerous goods declaration' for the cargo, the Ministry of Civil Aviation said in an official release. It did not, however, provide details of the exact nature and volume, and the other specifics of the 'dangerous goods' or 'explosives'. Other lapses observed by the DGCA included the absence of a service level agreement between Turkish Airlines and its ground handling agent at Hyderabad and Bengaluru airports—Globe Ground India—which is providing services to the airline following the suspension of Celebi's operations. 'Equipment such as ladders, step ladders, trolleys, and ground power units lacked proper accountability and monitoring at Hyderabad and Bengaluru, where Globe Ground India was providing ground services without formal handover from Celebi,' MoCA said. 'At Bengaluru, the marshaller handling ground operations lacked proper authorization and a valid competency card for marshalling functions… During the arrival of the aircraft, aircraft maintenance engineer was unavailable, and the arrival procedure was carried out by a technician instead. M/s Airworks is the authorized engineering service provider for Turkish Airlines,' MoCA said, listing the other lapses overserved during the DGCA inspections. 'The DGCA emphasizes its unwavering commitment to ensuring the safety and regulatory compliance of all foreign operators within Indian airspace. Turkish Airlines has been directed to address these findings promptly and ensure full compliance with ICAO (International Civil Aviation Organization) Standards and Recommended Practices as well as DGCA regulations. Further follow-up inspections will be conducted as necessary to ensure continuous safety oversight,' the release said. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
The Hindu
6 hours ago
- The Hindu
U.S. firm Evergent Tech's innovation hub opened in Hyderabad, to employ 1,000 people by 2025
California-headquartered AI-powered SaaS solutions provider for media and entertainment, telco and digital consumer businesses Evergent Technologies formally opened its global value centre (GVC) in Hyderabad and with it announced plans to hire at least 400 additional employees for the GVC by this year. Established as a strategic product and innovation hub, the centre has onboarded more than 600 engineering and AI professionals thus far. The company aims to scale this to more than 1,000 employees by 2025, Evergent said after Industries and IT Minister D. Sridhar Babu inaugurated the GVC on Tuesday (June 4, 2025). The launch of the GVC syncs well with Telangana's vision to contribute $1 trillion to India's economy over next decade. Facilitating a shift from volume-led to value-led growth in tech industry will be one of the growth drivers, something that could be achieved by building capacity in high-impact areas like AI, semiconductors, defence, and deep-tech, the Minister said. Setting up of such facilities marks a shift to building high-value IP and global products from Telangana, leveraging Hyderabad's deep tech talent and driving innovation at scale, a press release from the Minister's office on his speech said. Under Chief Minister A. Revanth Reddy's leadership, Telangana has attracted investments worth ₹3 lakh crore over the past 18 months, he said. The focus is on making Telangana a hub for emerging technologies such as AI, ML and Quantum Computing. Evergent CEO and founder Vijay Sajja said 'we have combined the best of Silicon Valley and India to build mission-critical, AI-driven SaaS solutions that power monetisation for global media giants. Hyderabad's exceptional engineering talent is at the core of our innovation...' he said. The firm is developing proprietary intellectual property in Hyderabad that enables monetisation for global media giants such as the NBA, Sky, DirecTV, and SonyLIV across more than 180 countries. Its platform, entirely built in India, has helped onboard over 920 million subscribers worldwide on behalf of its clients, creating one of the largest datasets for AI-driven business intelligence.
The Hindu
8 hours ago
- The Hindu
Baro Market returns to Hyderabad for an exhibition at Crafts Council of Telangana
A sense of déjà vu tends to set in when pop-up exhibitions crop up every other week at cultural spaces and stores across Hyderabad. To stand out, a curation must offer products that are not easily found online or in local markets. That is where Baro Market comes in. The Mumbai-based marketplace for arts and crafts, founded by Srila Chatterjee, is known for its thoughtful and context-specific pop-ups. From June 5 to 7, Baro Market returns to the Crafts Council of Telangana (CCT) in Banjara Hills with a curated exhibition of weaves, crafts and artisanal design. 'We work with close to 78 labels, but for Hyderabad, we are bringing just 27,' says Srila. 'There is a lot of thought behind what we choose. We avoid crafts from Telangana and Andhra Pradesh — those are already well-known here. Instead, we want to offer something new.' Expect to discover functional ceramics, jewellery, accessories, and clothing for men, women and children. Bengal, the North East and the Coromandel coast are well represented. Kolkata-based designer Sriparna Ray of Bhomra Design Co brings contemporary takes on traditional taant (a handloom technique that results in fine, lightweight fabric) and other weaves often associated with saris. From Assam, The Nomi – Weavers Nest, founded by Sushant Phukan, presents a North Eastern fashion perspective. Love by Kaveri, helmed by Kaveri Lalchand, draws inspiration from life along the Coromandel coast in her modern linen offerings. This will be Baro Market's second pop-up at CCT Spaces. This time, jewellery promises to be a draw. But even here, the intention is to avoid repetition. Each label brings its own lens: Razia Kung's statement pieces, influenced by Indian folk and tribal forms like Gond and Theyyam; Red Bus Design Co's handmade textile jewellery and resin works; Moirra's fabric accessories; and Vrinda Gokhale Philip's recycled paper jewellery. At the pop-up, keep an eye out for native foods too. Shillar House from Himachal Pradesh brings to Hyderabad a seasonal bounty — think pickles, pulses, spices, dried fruits, honey and ghee. 'Everything is organic, though they do not make a fuss about it,' Srila explains. Another standout addition is The Bindi Project, where the iconic embellished dot becomes a canvas for storytelling. Originally inspired by Rajasthan's heritage gold bindis, each new collection spins its own narrative. 'I think I have worn more of Meghna's bindis than anyone else on the planet,' laughs Srila, 'and there are plenty of takers for them.' (Baro Market's exhibition will be at CCT Spaces, Crafts Council of Telangana, Banjara Hills, from June 5 to 7. Entry free)
