Asia Tech Wire (Apr 8) -- South Korean automakers Hyundai Motor and Kia announced on Monday that they have signed an agreement with Exide Energy Solutions Limited (EESL) to jointly produce electric vehicle batteries in India.

The partnership will help the two automakers strengthen the localization of electric vehicle batteries in the Indian market, with a special focus on the development, production, supply, and partnership expansion of lithium iron phosphate batteries.

Hyundai Motor and group firm Kia chose to partner with Exide Energy for its presence and technological capabilities in the Indian market.

Shares of Exide Industries Limited (EIL), the parent company of Exide Energy, rose over 15% after the news.