IN : Exide Industries Ltd - EV business expansion via tech partnership

Management interaction indicates SVOLT technology tie-up for lithium-ion cell-making under ACC PLI scheme will be under a wholly-owned subsidiary. Exide research centre under SVOLT guidance will localize cell technology to suit Indian conditions. SVOLT is a small China-based entity that aims to build big capacity. Exide, with a cash-rich balance sheet, will gain. Retain Add due to attractive P/BV.