Lead acid storage battery company Exide Industries Ltd on Wednesday announced the acquisition 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 approved a maximum investment of up to Rs 35 crore for such an acquisition. Having acquired Tandon Metals Ltd in October 2007, this is the second lead smelting unit in which Exide Industries has taken a controlling stake. Lead constitutes approximately 70 per cent of the material cost of a battery and its price has been extremely volatile in the past three years
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