Exide Industries Pumps ₹99.99 Crore into EESL to Boost Bengaluru Battery Plant

26 Nov 2024 , 07:12 PM

Exide Industries has taken a significant step toward the future of energy by investing ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL). This investment, made through a rights issue, keeps Exide’s ownership of EESL at 100%

EESL was established in March 2022 to develop lithium-ion solutions for electric vehicles (EVs) and stationary energy. Besides, EESL is also setting up state-of-the-art manufacturing plants in Bengaluru to manufacture advanced battery cells of different formats-cylindrical, pouch, and prismatic-which will cater to all types of applications.

In EESL, as of March 2024, some of the key performance indicators related to financial performance include paid-up equity capital of ₹1,051.44 crore and a turnover of ₹239.14 crore. The company, however, has reported a net loss of ₹149.45 crore as it continues to invest in the growth journey.

The latest investment by Exide will further support EESL’s funding requirements in its ambitious greenfield project and put it on the path of emerging a big player in India’s growing EV ecosystem. The move resonates with Exide’s commitment towards sustainable energy solutions and its role in driving India’s transition to electric mobility and renewable energy.