Storage battery major Exide Industries on Monday said it is committed to drive export growth to around 20 per cent of its total sales in the next few years.
Currently, exports account for around 8 per cent of its total sales.
“There were some headwinds in the international market due to overall geopolitical conflicts, which impacted the export demands (in FY24). Nevertheless your company remained resolute in its commitment to drive export growth. We have an export strategy in place,” Exide’s Managing Director & CEO Avik Roy said while replying to shareholders’ queries at the company’s annual general meeting.
Roy said the company has a strategy to grow its exports “as close as” 20 per cent of its total sales in the next few years.
According to the company’s latest annual report, in order to drive exports, it focuses on increasing its footprints in Europe and America. “Exide expects to start commercial production of the new AGM technology and EFBM2-compliant batteries, which will soon be introduced in American and European markets,” it said.
Exide is also looking for new opportunities to export submarine batteries and is engaged in active discussions with potential customers to supply them in this fiscal.
The company expects the first phase of the green-field 12-gigawatt lithium-ion cell manufacturing plant in Bengaluru to be completed by the end of the current financial year as the project is progressing as per the timelines.
Exide invested ₹1,285 crore as equity investment into the Bengaluru project last fiscal.
He said demand for lithium-ion batteries and storage solutions is gaining momentum in India, and the company has been an “early mover” in the lithium-ion technology space with a packs and module facility in Gujarat, which is currently operational.
The Gujarat facility became operational in 2022, providing innovative products and solutions.