Exide Industries Invests Rs 124 Cr In Subsidiary

Exide Industries Limited invests Rs 1,24,99,99,980 through subscription in the equity share capital of its wholly owned subsidiary Exide Energy Solutions, the company announced through an exchange filing. With the current investment, EIL shareholding in EESL remains unchanged at 100 per cent.

EESL is in the process of setting up a plant for manufacturing & selling lithium-ion battery cells, modules and pack business. The Company has made further investment by subscribing to equity shares offered by EESL on a rights basis to fund its green field project and meet various funding requirements.

Exide Energy Solutions Limited (EESL), an existing wholly owned subsidiary of Exide Industries Limited (EIL) was incorporated on 24th March 2022 and will be engaged in the business of manufacturing & selling lithium-ion battery cells, modules and packs for India's electric vehicle market and stationary applications.

The paid up equity share capital of the company was at Rs 414.72 crore and the networth of the company was at Rs 655.20 crore.