Exide’s lithium-ion cell project secures Rs 2,000 crore line of credit from banks

Exide Industries Ltd’s Rs 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of Rs 2,000 crore from banks.

Exide’s wholly owned subsidiary, Exide Energy Solutions Limited, will be taking the credit facility for rolling out its lithium-ion cell manufacturing and associated projects, which are coming up near Bangalore, a company official said.

Exide has extended a corporate guarantee in favour of five banks for the sanctioned line of credit, the company informed the stock exchanges.