Exide Industries Limited has invested ₹74.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), as part of its strategy to expand in India’s electric vehicle (EV) and energy storage sectors. This funding was secured through a rights issue, allowing Exide to subscribe to 2,08,33,333 equity shares at a premium of ₹26 per share, maintaining its total stake in EESL at ₹2,652.24 crore.
EESL, which was established on March 24, 2022, specializes in manufacturing lithium-ion battery cells, modules, and packs for the EV market and stationary energy applications. In the fiscal year ending March 31, 2024, EESL reported a turnover of ₹239.14 crore and a net worth of ₹1,981.56 crore.
This latest investment aligns with Exide Industries’ broader goal to reinforce its standing in the growing energy storage market, as the demand for EVs and renewable energy storage solutions continues to rise across India.
Exide Industries Limited is one of India’s leading manufacturers of lead-acid batteries and energy storage solutions, with a legacy spanning over seven decades. The company has established itself as a dominant force in the automotive, industrial, and submarine battery markets, offering a wide range of products tailored to various applications.
Exide Industries is known for its robust R&D capabilities, ensuring high-quality, reliable, and technologically advanced products. In line with the growing emphasis on green energy and sustainability, Exide Energy Solutions Limited, a subsidiary of Exide Industries, focuses on developing innovative energy storage systems, particularly lithium-ion batteries. This strategic move aims to cater to the increasing demand for renewable energy solutions, electric mobility, and grid storage, positioning Exide at the forefront of India’s energy transition.
