Exide Industries Doubles Down on Lithium-Ion: Rs 3,000 Crore for 12 GWh Bengaluru Capacity

Exide Industries is deepening its bet on lithium-ion manufacturing, with MD and CEO Avik Roy confirming a fresh investment of close to Rs 3,000 crore in the second phase of the company’s Bengaluru cell plant. The move will lift the facility’s total capacity to 12 GWh.

The first phase of the plant, built around 6 GWh of capacity, has already attracted upwards of Rs 6,000 crore in cumulative investment, and Exide is adding a further Rs 1,400 crore this fiscal. Roy, speaking after the company’s annual general meeting on Friday, said the plant is expected to begin generating revenue from the third quarter of the current fiscal.

The initial output will replace lithium iron phosphate cells that Exide currently imports for its Gujarat battery pack plant, which serves the three-wheeler segment. By the end of the fiscal year, the company expects to add two-wheeler battery pack applications and NMC cells for OEM customers, pending homologation and regulatory approval.

Roy described the lithium-ion push as a strategic transformation for Exide, even as the company continues to back its legacy lead-acid battery business with more than Rs 400 crore in fresh investment this fiscal. Exide is targeting revenue of Rs 20,000 crore by FY28, up from its current Rs 17,200 crore topline.

The expansion comes against a backdrop where India imports nearly all of its lithium-ion cells despite booming electric mobility demand. Domestic cell demand currently stands at about 20 GWh and is projected to climb to 130 GWh by 2030, with electric vehicles expected to account for close to 100 GWh of that growth.