Exide Industries board approves merger of subsidiary Chloride Power with company

31 Mar 2022 , 09:00 AM

Exide Industries said in the regulatory that the board has approved the scheme of amalgamation of wholly-owned subsidiary Chloride Power Systems and Solutions with the parent company.

The company said in the filing on Tuesday, “The scheme is subject to the receipt of approval from the requisite majority of shareholders and creditors of the amalgamating parties (unless dispensed with), approval by the Kolkata Bench of the NCLT having jurisdiction over the amalgamating companies, and such other approvals, permissions and sanctions of regulatory and other statutory authorities / quasi-judicial authorities, as may be necessary.”

Meanwhile, on March 25, the company’s subsidiary Chloride Metals Limited has started commercial production at its newly set-up green field manufacturing facility of battery recycling at Haldia, West Bengal.

The said recycling plant is spread over an area of more than 21 acres and is equipped with modern state-of-the-art technology with the help of global engineering firm, Engitec Technologies S.P.A. Italy. The total installed capacity of the plant is 108,000 MT p.a., company said in a filing on Thursday.