Exide Industries invests ₹100 crore in its EV battery arm
Exide Industries invests ₹100 crore in EV battery arm Exide Energy Solution
On, 26 November 2024, battery manufacturer Exide Industries Ltd. (EIL) said that it had invested ₹99.99 crores (INR 1 Billion)through a rights issue in its wholly-owned subsidiary, Exide Energy Solutions Ltd. (EESL). With this investment, EIL’s overall ownership stake in EESL rises to ₹3,052.24 crore, and the ownership percentage is 100%.
Exide Industries Limited (Company/EIL) has subscribed for equity shares in its wholly owned subsidiary, Exide Energy Solutions Limited (henceforth referred to as EESL), for a total of Rs 99,99,99,972/- (Rupees 99-Nine crores ninety-nine lakhs ninety-nine thousand nine hundred and seventy-two only), according to the company’s statement.
The main objective of EESL, which was founded in March 2022, is to manufacture and distribute lithium-ion battery cells, packs, and modules for the Indian market for electric vehicles and stationary applications.
EESL is establishing a greenfield manufacturing facility in Bengaluru.
