Exide Industries Ltd - (EXIDEIND)

Exide Industries Ltd manufacturers lead acid storage batteries. The company is engaged in manufacturing storage batteries from 2.5 ampere-hour to 20,400 ampere-hour. The products manufactured by the company include automotive batteries, industrial batteries and submarine batteries. The company sells their products under EXIDE, SF, SONIC and Standard Furukawa Brands. In the international market, the products are sold under DYNEX, INDEX and SONIC brands.The company operates in two segments: lead acid storage batteries and solar lantern and homelights. The company has six factories located all over India, two in Maharashtra, one in West Bengal, two in Tamil Nadu and one in Haryana. Exide Industries Ltd was incorporated on January 31, 1947 as Associated Battery Makers (Eastern) Ltd to purchase all or any of the assets of the business of manufacturers, buyers and sellers of and dealers in and repairers of electrical and chemical appliances and goods carried on by the Chloride Electric Storage Company (India) Ltd in India. In theyear 1947, the company incorporated Chloride International Ltd. In the year 1969, the company set up their second factory at Chinchwad, Pune.In August 2, 1972, the name of the company was changed to Chloride India Ltd. In the year 1976, they established R&D centre at Kolkata. In the year 1981, the company set up third factory at Haldia, West Bengal. In October 12, 1988, the name of the company was again changed to Chloride Industries Ltd. In the year 1994, the company made a technical collaboration with Shin Kobe Electric Machinery Co. Ltd. of Japan, a subsidiary of the Hitachi Group. In August 25, 1995, the company changed their name to Exide Industries Ltd. In the year 1997, the company set up their fourth factory at Hosur, Tamil Nadu.In the year 1998, the company acquired the industrial/ manufacturing units of Standard Batteries Ltd located at Taloja & Kanjurmarg (Maharashtra), Guindy (Tamilnadu) and plant at Ahmednagar (Maharashtra) from Cosepa Fiscal Industries Ltd as a going concern. In the year 1999, they acquired 51% shareholding in Caldyne Automatics Ltd. In the year 2000, the company acquired 100% stake in Chloride Batteries S E Asia Pte Ltd, Singapore and 49% stake in Associated Battery Manufacturers (Ceylon) Ltd, Sri Lanka.In the year 2003, the company commissioned a plant at Bawal, Haryana. Also, they formed a new joint venture in UK, ESPEX Batteries Ltd, with 51% holding. In the year 2004, Associated Battery Manufacturers (Ceylon) Ltd, Sri Lanka became a subsidiary consequent to acquiring further 12.50% equity holding. In the year 2005, the company made investment in 50% shareholding of ING Vysya Life Insurance Company Ltd.In the year 2007, Caldyne Automatics Ltd became 100% subsidiary consequent to acquiring the balance 49% shareholding. They made investment with 26% shareholding in CEIL Motive Power Pty Ltd, a joint venture in Australia. Also, they acquired 100% stake in Tandon Metals Ltd. In the year 2008, the company acquired 51% stake in Lead Age Alloys India Ltd.During the year 2008-09, the company received an order for 5000 batteries for the Singapore Taxi market amidst tough competition. Honda Japan selected the company as an exclusive supplier initially for 2 years for VRLA MC battery. The company entered into a technical collaboration with Changxing Noble Power Sourcing Co. Ltd., China for manufacture of Deep Cycling E-bike batteries for electric bicycles and scooters. During the year 2009-10, the company divested their 26% shareholding in Ceil Motive Power Pty Ltd, Australia (as associate company).In August 12, 2010, the company entered into an agreement for acquisition of 22,93,200 equity shares of Leadage Alloys India Ltd representing 49% of the shares in the said company. The Company held 51% of the shares in Leadage Alloys India Ltd and with this acquisition Leadage Alloys India Ltd will become a wholly owned subsidiary of Exide Industries Ltd. In January 2012, the company entered into technical collaboration and assistance agreements with East Penn Manufacturing Co. Inc. USA. Under these agreements, East Penn will provide technical assistance and support for the manufacture of automotive, motive power, standby, telecom, UPS, solar and traction batteries for Exides various plants in India. This technical assistance will include a wide range of activities including the enhancement of processes for manufacturing, designs, quality control, and procurement.The company has already launched Deep Cycling Electric Bike batteries for electric bicycles and scooters and is also in the process of developing batteries for Stop-Start Micro Hybrid Vehicles in collaboration with The Furukawa Battery Company Ltd, Japan. The company is also exploring the possibility of developing and marketing Lithium-ion batteries for the Electric Vehicle Segment.During 2013, Exide Industries ventured in to Life Insurance Business by acquiring stake in ING Vysya Life Insurance and there by making it a 100% subsidiary of the company. The Name of ING Vysya Life Insurance Company was subsequently changed to Exide Life Insurance Company.