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Exide Industries Boosts EV Push with ₹99.99 Crore Investment in Subsidiary EESL

Updated on: Dec 18, 2024, 2:47 PM IST
Exide Industries invested ₹99.99 crore in its subsidiary EESL, raising its total equity investment to ₹3,152.24 crore for Bengaluru's EV battery project.
Exide Industries Boosts EV Push with ₹99.99 Crore Investment in Subsidiary EESL
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On December 17, 2024, Exide Industries Limited (EIL) announced an equity investment of ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL).

This latest funding increases EIL’s total equity investment in EESL to ₹3,152.24 crore, with no change in its shareholding percentage. The investment is part of EESL’s ongoing greenfield project in Bengaluru, which aims to manufacture lithium-ion battery cells, modules, and packs for India’s rapidly growing electric vehicle and energy storage markets.

EESL’s Progress and Market Significance

Established in March 2022, EESL is focused on advanced battery manufacturing. As of March 31, 2024, its paid-up equity share capital stood at ₹1,079.22 crore, with a net worth of ₹1,981.56 crore. Although the company reported a turnover of ₹239.14 crore for FY24, it incurred a net loss of ₹149.45 crore, reflecting ongoing investments in scaling operations.

With this latest funding, EESL is set to bolster India’s EV ecosystem, leveraging its expertise in cylindrical, prismatic, and pouch battery technologies. The Bengaluru plant marks a significant step towards reducing India’s reliance on battery imports.

About Exide Industries Limited

Exide Industries Ltd is mainly involved in the manufacturing of storage batteries and allied products in India.

On December 18, 2024, Exide Industries share price opened at ₹452.00, touching the day’s high at ₹456.00, as of 9:56 AM on the NSE.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 18, 2024, 10:33 AM IST

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