Exide Industries to Acquire Tudor India's Gujarat Unit
Image for representation only. (Image: Reuters)
Battery maker Exide Industries on Monday said it has entered into an agreement with Tudor India, part of US-based Exide Technologies, for acquiring its Gujarat facility.
"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," it said in a regulatory filing.
Tudor India is a manufacturer and provider of lead acid batteries for automotive, two-wheeler and home-UPS applications.
The asset purchase transaction is expected to complete within a month, it said without disclosing the financial details of the deal.
In fact, Exide Industries had entered into a "settlement agreement" with Exide Technologies in May last year in relation to the usage of 'Exide' mark in India.
The battery major was in discussion with the US firm for an out of the court settlement to "amicably resolve the long pending dispute" over ownership of the trademark.