Battery maker Exide Industries today said it has entered into a settlement agreement with the US-based Exide Technologies over the ownership of ‘EXIDE’ mark in India. In October last year, Exide Industries had said the company and Exide Technologies were in litigation over usage of the name or mark ‘EXIDE’ directly or indirectly, in any manner in the country. “The company was in discussion with the US company Exide Technologies for an out of court settlement to amicably resolve the long standing dispute. Based on the discussions, the company has entered into a settlement agreement with the Exide Technologies on May 19,” the company said in a regulatory filing.
“The US company subject to fulfilment of conditions mentioned therein, shall forever waive any right or claim to the ownership and/or use of ‘EXIDE’ mark in India,” it added. The said ‘litigation’ is still pending before the Supreme Court for its consideration and disposal. Shares of the company were trading 2.80 per cent lower at Rs 231.15 on the BSE.