Exide Industries Limited has announced a strategic development that could reshape India’s electric vehicle (EV) landscape. Exide Energy Solutions Limited (EESL), an unlisted subsidiary of Exide Industries, signed a binding term sheet with Hyundai Motor India Limited (HMIL). This agreement underlines a commitment to producing and supplying lithium-ion cells and battery packs exclusively for Hyundai’s EVs in India.
The partnership aligns with India’s broader goals of EV adoption and sustainable transportation. By integrating local production capabilities with Hyundai’s technological expertise, this move is expected to catalyse the availability of advanced EVs tailored to Indian consumers.
The term sheet details critical commercial terms, such as roles, responsibilities, and pricing mechanisms. Notably:
This collaboration is not just a business deal but a significant leap toward achieving India’s EV and green energy goals. Once the definitive agreements are executed, it will expedite the development of Hyundai’s EV portfolio, furthering the country’s EV transition.
As of 10:53 AM on December 20, 2024, Exide Industries’ share price stood at ₹443.35, reflecting a 0.82% uptick.
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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 20, 2024, 3:06 PM IST
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