Gandhinagar: India’s largest locomotive battery-maker Exide Industry has entered into an “Asset Purchase Agreement” with Tudor India to acquire the latter’s Gujarat-based facility. The purchase transaction is expected to be completed within a month.

Tudor is the Indian arm of the US-based Exide Technologies. In May 2017, Exide Industries had reached an out-of-court settlement with Exide Technologies for using the “Exide” mark in India.

Exide Industry enjoys leadership position in the country with annual automotive and Industrial battery capacity ranging from 2.5Ah to 20,000Ah, spread across six factories. It has a distribution network of more than 35,000 outlets and battery range of 2.5-20,200Ah. The company is also engaged in the life insurance business through its subsidiary, Exide Life Insurance Company, managing AUM of over Rs12,200cr (FY18).