Financial Daily from THE HINDU group of publications
Friday, Oct 11, 2002
Financial Daily from THE HINDU group of publications Friday, Oct 11, 2002 |
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Corporate
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Announcements Exide plans to introduce `Eternity' car battery Our Bureau
KOLKATA, Oct. 10 EXIDE Industries Ltd (EIL) has planned to launch a new longer life car battery. Stating this here today, the Exide Chairman, Mr S.B. Ganguly, said that the battery has been christened as `Eternity', and will be launched in the first quarter of 2003-04. He said this while interacting with newspersons at the ceremonial inauguration of the new plant of Caldyne Automatics, an Exide subsidiary. He further informed that the company has planned to invest around Rs 30 crore during the next fiscal on its motorcycle battery plant at Bawal in Haryana. The plant, which recently began production with one production line, is scheduled to add 11 more lines by the end of 2003-04. The company has planned to make an investment of Rs 20 crore on the plant till the end of the current fiscal. ``The plant has been set up to mainly cater to the needs of Hero Honda, Exide's largest customer, in the motorcycle battery segment,'' Mr Ganguly pointed out. He said the company was yet to find a suitable location for the proposed lead smelter, to be set up through a joint venture with a Malaysian company. Following Centre's announcement of battery handling Rules, Exide has planned to set up the smelter for scrap batteries with sophisticated pollution control equipment. "We are still looking for a suitable site in the central region so that the scrap collection would be logistically viable,'' Mr Ganguly explained. Regarding EIL's financial prospects in the current financial year, the Exide chairman said gross sales was expected to cross the Rs 1,000-crore mark against the Rs 984.84 crore recorded for the year ended on March 31, 2002. "During the second half the current fiscal, the industrial battery business is expected to overtake the performance of the automotive batteries,'' Mr Ganguly commented. Replying to a question on co-sponsorship of the current India-West Indies cricket Test series, Mr Ganguly indicated that it cost around Rs 2.65 crore for the company.
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