Exide Industries Invests Rs 100 Crore in Advanced Battery Subsidiary, EESL

8 Sep 2023 , 10:00 AM

Exide Industries Ltd has invested over Rs 100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), which specializes in advanced chemistry battery cell manufacturing. The investment was made through a subscription in EESL’s equity share capital on a rights basis, with no change in Exide Industries’ shareholding percentage.

EESL has a paid-up equity share capital of Rs 374.40 crore and a net worth of Rs 655.20 crore as of March 31, 2023, despite reporting a net loss of Rs 59.81 crore for the same fiscal year. Exide Industries has also provided a Corporate Guarantee to five banks, including ICICI Bank, HDFC Bank, Axis Bank Limited, HSBC Bank, and Kotak Mahindra Bank, for credit facilities totaling Rs 2000 crore extended to EESL.

Exide Industries is engaged in the manufacturing of advanced chemistry battery cells with various form factors, such as cylindrical, pouch, and prismatic battery cells. The company is also involved in assembling and selling battery modules, battery packs, and related activities. This investment reflects Exide Industries’ commitment to expanding its presence in the rapidly evolving battery technology market.

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