Exide to pick 26 pc in Australian co
After acquiring Caldyne Automatics, Exide will pick 26 per cent in another Australian marketing company.
By PTI |
KOLKATA: Storage battery maker Exide Industries Limited will pick up 26 per cent stake in an Australian marketing company to step up exports to that continent, a company official said.
Exide Chairman Rajesh Kapadia told reporters at the sidelines of the company's annual general meeting held here that Ceil Motive Power Ltd was the third largest industrial battery marketing company in Australia.
This was approved by the board on Friday, Kapadia said. He said Australia was a big market for industrial batteries. Exide would chip in an amount of four million Australian dollars for the 26 per cent stake.
Managing Director and CEO of Exide T V Ramanathan said the company would spend Rs 185 crore as capital expenditure during the current financial year.
He said with the rise in lead prices, the company would raise battery prices again during the current quarter.
Ramanathan said the volume growth would be 22 per cent during 2007-08, adding that topline would depend upon the
Exide has fixed a target of selling 10 million two-wheeler and seven million four-wheeler batteries during the current financial year.
Meanwhile, the company's board also approved the acquisition of 49 per cent shareholding in Caldyne Automatics. This would make Caldyne a 100 per cent subsidiary of Exide.
Ramanathan said the company was also looking at the market of solar cells and battery chargers, which would be manufactured by Caldyne.
Exide Chairman Rajesh Kapadia told reporters at the sidelines of the company's annual general meeting held here that Ceil Motive Power Ltd was the third largest industrial battery marketing company in Australia.
This was approved by the board on Friday, Kapadia said. He said Australia was a big market for industrial batteries. Exide would chip in an amount of four million Australian dollars for the 26 per cent stake.
Managing Director and CEO of Exide T V Ramanathan said the company would spend Rs 185 crore as capital expenditure during the current financial year.
He said with the rise in lead prices, the company would raise battery prices again during the current quarter.
Ramanathan said the volume growth would be 22 per cent during 2007-08, adding that topline would depend upon the
ADVERTISEMENT
fluctuations in lead prices. Exide has fixed a target of selling 10 million two-wheeler and seven million four-wheeler batteries during the current financial year.
Meanwhile, the company's board also approved the acquisition of 49 per cent shareholding in Caldyne Automatics. This would make Caldyne a 100 per cent subsidiary of Exide.
Ramanathan said the company was also looking at the market of solar cells and battery chargers, which would be manufactured by Caldyne.
ADVERTISEMENT
Regarding Exide's investments in ING Vysya Life Insurance, Ramanathan said the company would continue to hold 50 per cent stake in the insurance entity.Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
