Exide Industries Increases Investment in Electric Battery Venture.

On October 10, 2024, Exide Industries Limited (EIL) announced a fresh investment of ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This latest funding raises EIL's total investment in EESL to ₹2,852.24 crore.

Founded on March 24, 2022, EESL specializes in the manufacturing and sale of lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications. The company is currently establishing a greenfield plant in Bengaluru to support its production efforts.

The new investment will primarily fund the ongoing project and address various financial requirements. Notably, EIL's shareholding in EESL remains at 100%, despite the additional capital injection.

As of March 31, 2024, EESL reported a turnover of ₹239.14 crore, alongside a net loss of ₹149.45 crore. The company's paid-up equity share capital is ₹995.88 crore, with a net worth of ₹1,981.56 crore.

HBL