Exide Industries Limited (EIL) has announced a fresh investment of ₹99.99 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL). The investment, made through a rights issue, will support the continued growth and expansion of EESL, which focuses on manufacturing lithium-ion battery cells, modules, and packs for India’s growing electric vehicle (EV) market.
The latest funding brings Exide’s total investment in EESL to ₹3,052.24 crore. Despite the new investment, Exide’s shareholding in EESL remains unchanged at 100%, reinforcing the company’s commitment to expanding its footprint in the renewable energy and electric vehicle sectors.
EESL, which was incorporated in March 2022, is currently in the process of setting up a green field manufacturing plant in Bengaluru for the production of advanced lithium-ion batteries. This strategic move aligns with Exide’s vision to cater to the rapidly expanding electric vehicle market in India and meet the growing demand for sustainable energy storage solutions.
The company’s investment will directly fund the green field project, which aims to enhance EESL’s capabilities in the battery manufacturing space, further boosting India’s energy transition. Exide Industries has emphasized that the transaction is being conducted at arm’s length, with no changes in the promoter or promoter group’s interest in EESL.
