Processing .....please wait.. 
The article has been forwarded.... 
Exide plans to set up new unit in Pune
By siliconindia
|
Tuesday, 18 November 2003, 20:30 IST |
2 Comments
KOLKATA: Buoyed by the uptrend in the automobile sector, India's leading battery maker Exide Industries Ltd is setting up a one million unit capacity plant at Pune with an investment of Rs 20 crore.
The new unit, which follows Exide's two overseas projects in Singapore and Sri Lanka, is expected to boost its annual domestic production capacity from the current 4.4 million units to 5.5 million units next year, company chairman and CEO SB Ganguly said on Monday.
The annual Rs 60 crore investment of the company was expected to go up by an additional Rs 20 crore in setting up the Pune unit, he added.
Commenting on shelving of the company's proposed project in Bangladesh, Ganguly said the political climate in that country was not conducive for any business venture.
Both of EIL's new overseas units had already started production and the Sri Lanka plant was enjoying a tax holiday as a SAARC country venture, he said.
EIL was also in talks with Rover MG of the UK for outsourcing of 36 components including three from India. It was also negotiating with Rover MG, in conjunction with Tata Motors, the supply of automotive batteries as an extension of their global sourcing arrangement with Tata Group, he added.
Export of EIL's automotive batteries had achieved a steady 13.85 per cent growth in the second quarter this year over last year and export orders had been received from Japan and Afghanistan, he said.
Exide's net profit during the first half had increased by 56.78 per cent on the back of 45.03 per cent increase during the second quarter.