Exide to acquire Australian company CMP

Kolkata, July 20: With the target of becoming number one traction battery exporting company in Australia, Exide Industries Limited, a leading battery manufacturing company, will acquire Australian CEIL Motive Power Pty Ltd with an investment of one million Australian dollar.

Speaking on the sidelines of the 60th AGM of the company, Exide Managing Director and CEO T V Ramanathan said,''We aim to double our exports from one lakh to two lakh batteries in one year and become the largest export company in two years.'' ''The investment in this company may go upto 4 million US DOllar, he added.

CEIL is a battery distributor company in Australia.

Meanwhile, the company CEO also said due to increase in lead prices, the battery price might go up between July to September.

UNI