Exide Industries to invest ₹6000 cr to set up giga factory in Karnataka

Subject: Economy

Section: Indian economy

Context: Giga factories coming up in India

Concept:

Giga factory is a term that we can first trace back to it being used by Elon Musk’s Tesla, for the then-upcoming lithium-ion battery manufacturing facility in Nevada.
‘Giga’ which represents a ‘billion’.
However, in common parlance, a Giga factory has come to represent a battery-production facility that’s simply gigantic in scale and brings multiple companies and components together to scale up lithium-ion battery production at an unprecedented level.
Giga factories aren’t just about making lithium-ion battery cells. While that may be their primary function, they are end-to-end renewable energy solution providers.
- Giga factories are also designed to be the main hubs for renewable energy storage.