Exide Industries Ltd has announced a ₹100-crore investment in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), to expedite the development of a new greenfield plant in Bengaluru. This facility will specialize in the production and sale of lithium-ion battery cells, modules, and packs, targeting the rapidly growing electric vehicle (EV) and stationary energy storage markets in India.
This latest funding, sourced through a rights issue, brings Exide’s total investment in EESL to ₹2,852 crore. The recent ₹100-crore injection follows another of the same amount in recent months, underscoring Exide’s commitment to becoming a significant player in the EV sector.
Established in March 2022, EESL has demonstrated impressive growth, reporting a turnover of ₹239.14 crore for fiscal 2024—more than double its revenue of ₹112.05 crore from the previous year. The subsidiary gained attention in April when Hyundai Motor Company and Kia Corporation partnered with Exide Energy to localize EV battery production.
Traditionally known for its lead-acid batteries, the company is pivoting toward future energy solutions with a strong emphasis on lithium-ion technology. Once operational, the Bengaluru plant will not only cater to the EV market but also meet the rising demand for stationary energy storage solutions as India increasingly embraces renewable energy.
Exide Industries Ltd is one of India’s leading manufacturers of automotive and industrial batteries, with a legacy spanning more than seven decades. The company is known for its diverse range of products, including batteries for cars, motorcycles, inverters, and other industrial applications.
Over the years, Exide has established itself as a dominant player in the market, with a strong focus on innovation and quality. Its extensive distribution network, covering both urban and rural markets, has helped it maintain a competitive edge. Moreover, the company has been increasingly focusing on renewable energy storage solutions and expanding into the electric vehicle (EV) battery segment, which aligns with global trends toward sustainable mobility.
