Exide Industries Limited — Important, 19-12-2024: Agreements

Exide Energy Solutions Limited (EESL) has executed a binding term sheet with Hyundai Motor India Limited (HMIL) to formalize their commitment to establish definitive agreements for the production and supply of battery cells for HMIL's electric vehicles targeting the Indian market. This partnership signals a significant step towards accelerating the development and production of electric vehicles, enhancing sustainable transportation solutions in India. The arrangement is expected to generate revenues based on terms stipulated in the term sheet and future agreements, positioning Exide favorably in the growing EV sector. Stakeholders should closely monitor this development for potential growth opportunities.