Exide Industries has successfully invested ₹1,999,999,995 (approximately ₹2,000 crore) into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). This capital infusion is earmarked for setting up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The investment marks a strategic move to bolster EESL’s capacity and contribute to India’s burgeoning electric vehicle market.
Strategic Capital Infusion for EV Battery Production
Exide Industries Limited has announced a significant investment of ₹1,999,999,995, approximately ₹2,000 crore, into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). This capital infusion, made on a rights basis, is specifically designated for the establishment of a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The project aims to address the growing demand in the electric vehicle and stationary applications market.
Bolstering EESL’s Manufacturing Capabilities
The investment will support EESL in its ambitious plans to set up state-of-the-art manufacturing capabilities. This move by Exide Industries underscores its commitment to expanding its presence in the advanced battery technology sector. With this new funding, EESL is poised to accelerate the development and production of lithium-ion battery cells, modules, and packs.
Total Investment and Shareholding
Following this latest investment, Exide Industries’ total cumulative investment in EESL has reached ₹5,102.23 crore. Despite this substantial infusion, Exide Industries’ shareholding percentage in EESL remains unchanged at 100%, reinforcing its control over this critical subsidiary. The company is proceeding with its strategic expansion plans for the battery manufacturing sector.
Source: BSE
