Kolkata: Lead-acid battery major Exide Industries Ltd on Wednesday said it has forayed into the manufacturing of e-rickshaws that will help the company with an incremental revenue of Rs 120 crore in the first year of operation.
Its e-rickshaw brand 'Exide Neo' was launched on Wednesday that would be built at Dankuni, West Bengal at a leased facility, the company said.
The company has planned to roll out its e-rickshaws initially in select markets such as Bihar, UP, West Bengal and the North East and will introduce the vehicle across the country in a phased manner, Exide Industries MD and CEO Gautam Chatterjee said.
"The e-rickshaw sector has seen phenomenal growth in the country over the past few years. We have been an integral part of it since its inception through our offerings of lead-acid batteries. We see a tremendous opportunity in the sector," he said.
He said that foraying into e-rickshaw segment will not give "any significant revenue" but it will provide a forward integration for the battery maker.
"The e-rickshaw batteries are being produced at Haldia. We will also introduce lithium-ion battery-powered e-rickshaw but that would be done in a leasing model over the next 6 months," Chatterjee said.