Exide Industries Limited (EIL) has made an additional investment of ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings Exide’s total investment in EESL to ₹2,852.24 crore.
EESL, incorporated in March 2022, is engaged in the production and sale of lithium-ion battery cells, modules, and packs, primarily targeting the electric vehicle market in India. EESL is currently setting up a greenfield plant in Bengaluru to manufacture these products.
The fresh investment will help fund the ongoing development of the facility and other funding requirements. With this investment, Exide’s shareholding in EESL remains at 100%. The company had already allotted 2,77,77,777 equity shares to Exide at a premium of ₹26 per share, reinforcing its commitment to the growth of the lithium-ion battery segment in India.
In FY24, EESL reported a turnover of ₹239.14 crore, with its net worth standing at ₹1,981.56 crore as of March 2024.
