Exide for equity participation with local smelter

Kolkata, Oct 4(UNI) Exide Industries Limited, the largest manufacturer of lead acid storage batteries in South Asia, today announced to enter the lead smelting and recycling business in the country through strategic partnership, including equity participation.

The Exide Board of Directors that met during the day, authorised the management to select a local smelter for the purpose with an initial investment of Rs 25 crore, company Managing Director and CEO T V Ramanathan said.

"Such an acquisition would be a significant step towards enhancing the amount of recycled lead and lead alloys used by the company and help reduce our ddependence on imports of high cost lead," he said.

In the backdrop of the highly volatile prices of lead, the company's move was aimed at increasing the reliance on domestic sourcing of recyled lead, he said.

Commenting on the future prospects of such a move, Director, Automotive P K Kataky said this would open up an opportunity for the company to enhance the volume of scrap battery collection from the dealers, as required under the Battery Handling and Management Rules(Regulatory).

UNI