<p>Exide Industries Ltd's Rs 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of Rs 2,000 crore from banks.</p>.<p>Exide's wholly owned subsidiary, Exide Energy Solutions Limited, will be taking the credit facility for rolling out its lithium-ion cell manufacturing and associated projects, which are coming up near Bangalore, a company official said.</p>.<p>Exide has extended a corporate guarantee in favour of five banks for the sanctioned line of credit, the company informed the stock exchanges.</p>.Exide Energy seeks additional 40 acres for 2nd phase of its cell project.<p>The five lenders are ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, and Kotak Mahindra Bank. The subsidiary will utilise the funds in tranches.</p>.<p>Earlier, Exide MD and CEO Subir Chakraborty had said that the estimated project cost for the first phase would be Rs 4,000 crore, with a capacity of 6 GWh (gigawatt hour). The total project capacity of the project is 12 GWh.</p>.<p>Exide Industries has also applied for regulatory approvals for the merger of its wholly-owned subsidiary Exide Energy Private Limited (EEPL) with Exide Energy Solutions (EESL) to bring all lithium battery business entities under a single roof.</p>.<p>EEPL has a 1.5 GW fully automated lithium-ion battery packs and modules manufacturing plant at Prantij, Gujarat. EESL is the promoter of the lithium cell plant.</p>.<p>The construction of the greenfield lithium-ion cell manufacturing project at Bangalore is in full swing and we expect to commence the first phase by the end of next year (2024-25), Chakraborty told shareholders at the recent company's annual general meeting.</p>.<p>Despite the possibility of a multi-chemistry energy mix in the future, the company remains bullish on lithium-ion. Approximately 70 per cent of lithium-ion battery demand is expected to come from automotive applications, with the remainder coming from industrial applications.</p>.<p>Meanwhile, in 2023-24, Exide Industries has planned a capital expenditure of Rs 700 crore so far towards increasing capacity, technology upgradation, and meeting statutory and compliance requirements. </p>
<p>Exide Industries Ltd's Rs 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of Rs 2,000 crore from banks.</p>.<p>Exide's wholly owned subsidiary, Exide Energy Solutions Limited, will be taking the credit facility for rolling out its lithium-ion cell manufacturing and associated projects, which are coming up near Bangalore, a company official said.</p>.<p>Exide has extended a corporate guarantee in favour of five banks for the sanctioned line of credit, the company informed the stock exchanges.</p>.Exide Energy seeks additional 40 acres for 2nd phase of its cell project.<p>The five lenders are ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, and Kotak Mahindra Bank. The subsidiary will utilise the funds in tranches.</p>.<p>Earlier, Exide MD and CEO Subir Chakraborty had said that the estimated project cost for the first phase would be Rs 4,000 crore, with a capacity of 6 GWh (gigawatt hour). The total project capacity of the project is 12 GWh.</p>.<p>Exide Industries has also applied for regulatory approvals for the merger of its wholly-owned subsidiary Exide Energy Private Limited (EEPL) with Exide Energy Solutions (EESL) to bring all lithium battery business entities under a single roof.</p>.<p>EEPL has a 1.5 GW fully automated lithium-ion battery packs and modules manufacturing plant at Prantij, Gujarat. EESL is the promoter of the lithium cell plant.</p>.<p>The construction of the greenfield lithium-ion cell manufacturing project at Bangalore is in full swing and we expect to commence the first phase by the end of next year (2024-25), Chakraborty told shareholders at the recent company's annual general meeting.</p>.<p>Despite the possibility of a multi-chemistry energy mix in the future, the company remains bullish on lithium-ion. Approximately 70 per cent of lithium-ion battery demand is expected to come from automotive applications, with the remainder coming from industrial applications.</p>.<p>Meanwhile, in 2023-24, Exide Industries has planned a capital expenditure of Rs 700 crore so far towards increasing capacity, technology upgradation, and meeting statutory and compliance requirements. </p>