Exide Industries Ltd., a battery producer, announced on Wednesday that it has added around ₹40 Crore to its fully-owned subsidiary, Exide Energy Solutions Ltd., which produces advanced chemistry battery cells. According to a regulatory filing by Exide Industries, the investment of ₹39,99,99,975 was made through a subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), based on rights.
“With this investment, the business has now invested a total of ₹1,965 Crore in EESL. The company’s ownership portion in EESL has not changed as a result of this acquisition, it stated.
EESL is currently establishing a facility to produce and market lithium-ion battery packs, modules, and cells.
According to the firm, the additional capital infusion is needed to finance the greenfield project and satisfy EESL’s varied funding requirements.
In accordance to the company, EESL is involved in the production of battery cells with advanced chemistry and form factors, such as prismatic, pouch, and cylindrical, in addition to producing, assembling, and marketing battery packs and other associated goods.
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