Exide open to acquiring more firms in home inverter segment

Kolkata, July 17 (IANS) Exide Industries Ltd, India's largest lead acid storage battery manufacturer and stored energy solutions provider, which had recently diversified into the home inverter segment, is now looking for further acquisitions here to consolidate business.

On the back of prevailing depressed conditions in the automotive OE segment, the Kolkata-based firm had acquired home inverter business of Kevin Power Solutions, an Uttar Pradesh-based manufacturer of power back-up systems, batteries and home appliances, last fiscal.

The acquisition will help Exide, which is the leading manufacturer of automotive and industrial batteries, provide complete household power back-up system.

"Aggregate supply available in the market is more than the aggregate demand, except inverter batteries," Exide Industries managing director and chief executive officer T.V. Ramanathan told reporters on the sidelines of the company's annual general meeting here Tuesday.

Asked whether the company would go for further acquisition in inverter for home usage segment, Ramanathan said: "Still acquisition is possible."

During the first quarter of the current financial year, the company rolled out home UPS systems across cities under its own brand, and is now in the process of increasing production capacity.

In its Roorkee plant, which the company had acquired, the current capacity is 30,000 inverters per month.

"Though synergistic, this is a new line of business for us where we will have to make a niche for ourselves through top level after sales service. The Company is using its existing network of nationwide dealers to market the product," Ramanathan added.