Exide agrees to acquire Tudor India

The company has signed an agreement to acquire assets of Tudor India situated in Gujarat. The assets include immovable land assets and movable assets in its factory in Prantij, Sabarkantha. The asset purchase agreement is scheduled to be completed in a month.

Tudor India manufactures lead acid batteries for automobile industry as well as for home-based UPS. The company markets its products under the brand name Prestolite. Tudor India is a subsidiary of UK-based company GNB Industrial Power Limited.

Exide has earmarked around Rs. 800 crore for expansion and upgradation of its battery manufacturing capacity. The company commands more than 45 per cent market share in the domestic battery market and plans to grow at a double-digit run rate.

Meanwhile, the stock of Exide Industries closed at Rs. 250.65 per share, down 0.24 per cent. The benchmark index BSE Sensex closed at 35,470.35, down by 219.25 points or 0.61 per cent on Monday.