Exide Industries Limited has announced a key management change and a fresh capital infusion in its wholly owned subsidiary, Exide Energy Solutions Limited, as part of its continued push into the lithium-ion battery space.
In a regulatory filing dated December 23, Exide Industries informed stock exchanges that Mandar V Deo has resigned as Managing Director and Chief Executive Officer of Exide Energy Solutions with effect from December 22. The board has approved the appointment of Pravin Ramchandra Saraf, Executive Director of Exide Industries, as the new Managing Director and CEO of Exide Energy Solutions with immediate effect .
Alongside the leadership change, Exide Industries has invested Rs 180 crore in Exide Energy Solutions through a rights issue by subscribing to 4.5 crore equity shares at a price of Rs 40 per share, including a premium of Rs 30 per share. Following this transaction, Exide’s total investment in the subsidiary stands at Rs 4,202.23 crore, while its shareholding remains unchanged at 100% .
Exide Energy Solutions is engaged in manufacturing lithium-ion battery cells, modules and packs for electric vehicles and stationary storage applications. The subsidiary is currently setting up a greenfield manufacturing facility in Bengaluru, and the fresh equity infusion will be used to fund this project and meet ongoing capital requirements .
The company clarified that the transaction does not require any regulatory or governmental approvals and has been carried out on an arm’s-length basis. The equity shares under the current investment were allotted on December 23, 2025 .
