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Exide Industries has entered into a joint venture agreement with Leclanche S.A, which is incorporated under the laws of Switzerland and having its registered office at Switzerland.
Leclanche will grant licence to joint venture company (JVC) of its latest and most efficient technology for manufacturing of lithium batteries, module making and associated systems.
Exide Industries will make an initial capital contribution of Rs.3,74,950 at a subscription price of Rs.10 per share and Leclanche will contribute Rs.1,25,050 at a subscription price of Rs.10 per share, constituting approx 74.99% and 25.01% of the total paid up capital of JVC respectively. Furthermore, the JVC post company’s investment will become a subsidiary of Exide.
