KOLKATA, Oct 16:Lead-acid battery major Exide
Industries Ltd said it is foraying into the manufacture of e-
rickshaws.
Its e-rickshaw brand ‘Exide Neo’ was launched on
Wednesday.
It will be initially launched in select markets and
then introduced across the country in a phased manner, Exide
Industries MD and CEO Gautam Chatterjee said.
“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,” he said.
Exide is one of the first branded battery makers that
had brought out products exclusively for this sector.
“The e-rickshaw market, despite its exponential
growth, had an absence of a large organised sector player,”
Exide Industries Deputy MD Subir Chakraborty said.
The company’s announcement comes after its stock slid
down by 30 per cent since January 2019.
Its stock was trading at Rs 186.60 on NSE at 12.01 pm.
(PTI)
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