Battery creator Exide Industries on Monday said it has expanded stake in its joint endeavor (JV) with Swiss firm Leclanche to 80.15 percent with a further venture of Rs 33.17 crore by method of membership to value shares of the JV.
In June 2018, Exide Industries had reported marking of a settlement with Leclanche SA for setting up a joint endeavor organization, Exide Leclanche Energy Pvt Ltd, to construct lithium-particle batteries and give energy stockpiling frameworks to India’s electric vehicle market.
Exide Industries Ltd (EIL) has additionally contributed a sum totaling to Rs 33.17 crore by method of membership to the value share capital of its auxiliary, Exide Leclanche Energy Pvt Ltd, the organization said in an administrative recording.
“With the above speculation, the value shareholding of EIL in JVC (joint endeavor organization) stands expanded from 77.87 percent to 80.15 percent of the all out settled up share capital,” it added.
EIL said its further venture is “to meet the financing necessity, especially the capital consumption tasks of JVC”.
The organization said that as on date, the settled up capital of the JV is Rs 128.59 crore.
Its total assets as on March 31, 2020 was Rs 144.98 crore with a turnover of Rs 2.19 crore. It posted a misfortune after expense of Rs 18.95 crore for the year finished March 31, 2020.
Credit: Stocks-Markets-Economic Times