Exide steps into production of e-rickshaws

Exide Industries Ltd, which is one of the leading players in battery business, has ventured into the manufacturing of e-rickshaws.

The new foray, the company hopes, will help it with an incremental revenue of Rs 120 crore in the first year of operation.

Its e-rickshaw brand ‘Exide Neo’ was launched on Wednesday that would be built at Dankuni, West Bengal at a leased facility. Exide Industries MD and CEO Gautam Chatterjee said, “Exide has planned to roll out its e-rickshaws initially in select markets such as Bihar, UP, West Bengal and the North East and will introduce the vehicle across the country in a phased manner.”

He added: “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.”

According to Chatterjee, foraying into e-rickshaw segment will not give any significant revenue but it will provide a forward integration for the battery maker.

Image Credit : images.financialexpress.com

Research Desk

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