Exide to expand in two, four-wheeler batteries

July 21st, 2011 - 6:08 pm ICT by IANS  

Kolkata, July 21 (IANS) Exide Industries Ltd said Thursday it will expand its capacity for two-wheeler and four-wheeler batteries this fiscal, pumping in Rs.370 crore.

“It will be funded entirely from our own sources,” Exide Industries managing director and chief executive officer T.V. Ramanathan said on the sidelines of the company’s 64th annual general meeting here.

“Capacity will be increased to 12 million batteries for four-wheelers and 21.6 million batteries for two-wheelers,” he added.

Now the company produces 10.2 million batteries for four-wheelers and 14 million batteries for two-wheelers.

He added: “The second quarter will be tough. Pressure on profitability is likely to be continued.”

Is the company looking to increase prices? Ramanathan said: “Every time we review the prices and if the market permits, we increase. But we do not have any plan now.”

About plans for investing in ING Vysya Life Insurance Co, he said: “We got a board approval to invest … up to Rs.150 crore.”

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