Lead-acid battery major Exide Industries Ltd said it is foraying into the manufacture of e-rickshaws. Its e-rickshaw brand ‘Exide Neo’ was launched on Wednesday.
It will be initially launched in select markets and then introduced across the country in a phased manner, Exide Industries MD and CEO Gautam Chatterjee said.
“The e-rickshaw sector has seen phenomenal growth in the country over the past few years. We have been an integral part of it since its inception through our offerings of lead-acid batteries. We see a tremendous opportunity in the sector,” he said.
Exide is one of the first branded battery makers that had brought out products exclusively for this sector.
“The e-rickshaw market, despite its exponential growth, had an absence of a large organised sector player,” Exide Industries Deputy MD Subir Chakraborty said.
The company’s announcement comes after its stock slid down by 30 per cent since January 2019. PTI
Earlier in August this year, Exide Industries announced the opening of battery plant in Gujarat, which is in partnership with Switzerland-based Leclanché SA. The battery plant will be operational by December this year.