Exide Industries plans to inject ₹100 Crore in EV battery arm

27 Nov 2024 , 12:17 PM

Exide Industries Ltd (EIL) has undertaken a ₹99.99-Crore investment in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue. The investment brings EIL’s total shareholding in EESL to ₹3,052.24 Crore, while the ownership ratio remains at 100%.

This is to inform you that on November 26th, 2024, Exide Industries Limited (Company/EIL) invested ₹99,99,99,972/- (Rupees Ninety-Nine Crores ninety-nine lakhs ninety-nine thousand nine hundred and seventy-two only) in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited (hereinafter referred to as EESL), on a rights basis,” Exide Industries stated.

EESL manufactures and sells lithium-ion battery cells, modules, and packs for the Indian electric vehicle (EV) market and stationary applications. To expand its activities, the company plans to build a greenfield manufacturing factory in Bengaluru.

On March 31, 2024, EESL had a paid-up equity capital of ₹1,051.44 Crore, a net value of ₹1,981.56 Crore, and a turnover of ₹239.14 Crore. However, the company reported a loss after tax of ₹149.45 Crore over the same time.

EESL is establishing a greenfield manufacturing factory in Bengaluru to produce advanced chemistry battery cells in various shapes such as cylindrical, pouch, and prismatic. The contribution will assist EESL satisfy the project’s funding requirements.

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