Exide Takes Over 51pc Stake In Lead Smelting Co - June 20, 2008

Lead acid storage battery company Exide Industries Ltd on June 18 declared the purchase of a 51 per cent stake in Leadage Alloys India Ltd, a lead smelting company located near Bangalore. Earlier this month the company''s board had cleared a maximum investment of up to Rs 35 crore for such an acquisition. Lead constitutes around 70 per cent of the material cost of a battery and its price has been extremely volatile in the past three years