Exide Industries has invested ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions (EESL), through a rights issue, bringing its total investment in the company to ₹3,052.24 crore. The investment retains Exide’s 100% ownership of EESL and supports the subsidiary’s ongoing projects, including a greenfield manufacturing facility in Bengaluru.
Established in March 2022, EESL focuses on producing lithium-ion battery cells, modules, and packs for electric vehicles (EVs) and stationary energy applications. The Bengaluru plant is being developed to manufacture advanced battery cell formats, including cylindrical, pouch, and prismatic designs, to meet the rising demand for lithium-ion batteries in India.
EESL reported a paid-up equity capital of ₹1,051.44 crore, a net worth of ₹1,981.56 crore, and a turnover of ₹239.14 crore as of March 31, 2024. The company also recorded a loss after tax of ₹149.45 crore, attributed to the high capital investment phase of its operations.
Shares of Exide Industries closed at ₹425.75 on November 26 on the Bombay Stock Exchange, reflecting a 0.68% decline.
The Bengaluru project is expected to enhance EESL’s manufacturing capacity, providing a steady supply of batteries for EVs and energy storage systems as demand grows. The funding aligns with Exide Industries’ strategy to expand its presence in the EV and energy storage markets.