Exide Industries Ltd (EIL), a leading battery manufacturer, announced on December 17 that it has infused ₹100 crore into its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue of 2.77 crore equity shares. The regulatory filing confirmed the investment amounting to ₹99.99 crore to support the subsidiary’s growth and development.
This latest capital infusion raises EESL’s total funding to ₹3,152.24 crore. The funds will primarily finance EESL’s greenfield project in Bengaluru, where it is establishing a manufacturing facility for lithium-ion battery cells, modules, and packs to meet the rising demand in India’s electric vehicle (EV) market.
Founded in March 2022, EESL specializes in advanced battery technologies for both EVs and stationary applications. As of March 2024, the company reported a net worth of ₹1,981.56 crore and a turnover of ₹239.14 crore for the financial year 2023-24. Despite incurring a loss of ₹149.45 crore, EESL is poised for growth, driven by the increasing demand for clean energy solutions across the country.
The investment aligns with Exide Industries’ strategy to strengthen its foothold in the energy storage sector, focusing on innovative battery technologies. Following this rights issue, Exide Industries continues to maintain full ownership of EESL.
Exide Industries is one of India’s leading manufacturers of lead-acid batteries, catering to a wide range of applications including automotive, industrial, and renewable energy sectors. Established in 1947, the company has grown to become a trusted brand, with a strong presence in both domestic and international markets.
Exide’s product portfolio includes batteries for cars, motorcycles, commercial vehicles, as well as for backup power in various industries. Known for its technological innovations, the company is committed to sustainability and has made significant strides in improving energy efficiency and reducing environmental impact. Exide’s manufacturing facilities are spread across multiple locations, and it has a robust distribution network, which helps maintain its leadership in the battery industry.
