Calcutta: Battery maker Exide Industries, which operates nine manufacturing plants in India, has entered into an agreement to acquire the assets of Ahmedabad-based Tudor India, opening up an opportunity to further expand in the western part of the country.

The city-based company informed bourses on Monday that it had entered into a share purchase agreement with Tudor India to acquire both immovable and movable assets of the latter's factory situated at Prantij in Sabarkantha district of Gujarat.

Tudor India, a subsidiary of GNB Industrial Power (UK) Limited, manufactures lead acid batteries for cars, two-wheelers and UPS applications under the Prestolite brand out of the Gujarat plant. GNB is part of American lead acid battery manufacturer Exide Technologies.

The Rajan Raheja-owned Exide Industries, which is a major player in domestic lead acid battery market, had been locked in a long-drawn legal battle with the American firm over the ownership of the Exide trademark that ended last year with an out-of-court settlement.

As part of the settlement, the US company shall "forever waive any right or claim to the ownership and/or use of the "EXIDE" mark in India," Exide had said in a statement to the Bombay Stock Exchange in May 2017.

Exide Industries had registered an exceptional expense of Rs 41.83 crore for the year ended March 31, 2018 towards the settlement of dispute with Exide Technologies.

Exide has now decided to purchase the assets from Tudor India. Tudor has failed to make any major mark in the lead acid battery market despite launching the Prestolite brand in India in 1997.

"The asset purchase transaction is expected to be complete in one month," Exide Industries said in a filing with the BSE on Monday. The Exide scrip was down 0.02 per cent at Rs 251.20 over the previous close on the BSE.

According to sources, the Gujarat plant will offer an option to Exide to further expand its business.