India’s largest automotive battery maker, Exide Industries, has entered into an agreement to acquire the Gujarat-based facility of Tudor India, the Indian - arm of Exide Technologies. Tudor is a subsidiary of GNB Industrial Power (UK) Ltd, and is part of Exide Technologies group. It used to manufacture and sell lead-acid storage batteries for automotive, 2 - wheeler and home-UPS...
India’s largest automotive battery maker, Exide Industries, has entered into an agreement to acquire the Gujarat-based facility of Tudor India, the Indian - arm of Exide Technologies. Tudor is a subsidiary of GNB Industrial Power (UK) Ltd, and is part of Exide Technologies group. It used to manufacture and sell lead-acid storage batteries for automotive, 2 - wheeler and home-UPS applications under the Prestolite brand in India.
"The company has entered into an 'Asset Purchase Agreement' with Tudor India towards acquisition of its immovable assets and movable assets of its factory situated at Sabarkantha district in Gujarat," said Exide in a regulatory filing.
The land is situated in Sabarkantha District of Gujarat and the asset purchase is expected to be completed within a month.
In May 2017, Exide Industries declared it had reached an out-of-court settlement with Exide Technologies over rights for using the “Exide” mark in India.
Tudor India and Exide Technologies were advised by Trilegal, led by Partner Ramakant Rai, Senior Associate Vipin Sharma and Associates Shradha Sachdev, Mehak Suri, and Saumya Sharma. As advisor to Tudor India and Exide Technologies, Trilegal was responsible for structuring and drafting the definitive documents and will be assisting in connection with closing of the transaction.
Exide Industries was advised by Shardul Amarchand Mangaldas & Co., led by Partner Sakshi Mehra, Senior Associate Shiladitya Banerjee and Associate Smita Tejaswee.
The acquisition will end a two decade-old “acquisition drought” for Exide.