Exide puts JV with Jungfer, Nitol on hold

Kolkata, Nov 4: Exide Industries Limited has ’put on hold’ its joint venture plans with Jungfer AG of Austria and Nitol Group of Bangladesh for setting up new plants, amidst uncertainties in the world market over the ongoing war in Afghanistan, a top company official said. “Our joint venture initiatives are facing uncertainties, as there are worries in these countries over the current situation.
Things cannot mature until stability comes,” EIL executive chairman and chief executive officer SB Ganguly told PTI here.

The company had expected to finalise the Austrian JV by October, 2001 for setting up a Rs 30-crore plant in Maharashtra to manufacture polyethelene separators for the domestic lead acid battery industry.

Stating that “the project has not been shelved”, he said: “The current situation has slowed down the process.”

— PTI