New Delhi, Nov. 12 -- India's top battery makers, Exide Industries Ltd and Amara Raja Energy & Mobility Ltd, are rushing to operationalize their lithium-ion cell lines amid investor pressure over returns on more than $1 billion in investments. Exide has invested $632 million so far, while Amara Raja has deployed $248 million and approved an additional $247 million this month. The push comes as both firms await large orders from car and two-wheeler makers, despite having secured preliminary tie-ups with Hyundai-Kia and Ather.

The two companies are taking distinct paths to generate early revenue from their plants. Exide is starting with cells for electric rickshaws and telecom towers, while Amara Raja is focusing on battery energy storage ...