Exide Commits INR 100 Crore to Lithium-Ion Battery Project
Exide Industries Limited (EIL), a leading battery manufacturer, has further strengthened its commitment to electric vehicle (EV) technology by investing an additional INR 100 crore in its subsidiary, Exide Energy Solutions Limited (EESL). This strategic move brings EIL’s total investment in EESL to a substantial INR 2,752.24 crore.
EESL, a key player in the EV battery space, has successfully allotted 2,77,77,777 equity shares to EIL at a premium of INR 26 per share, aggregating to a total investment of INR 99,99,99,972. This significant capital infusion underscores EIL’s unwavering confidence in EESL’s potential to drive growth and innovation in the burgeoning EV market.
Exide Industries Reinforces Commitment to EESL with Strategic Investment
Exide Industries Limited (EIL) has further solidified its commitment to Exide Energy Solutions Limited (EESL) through a strategic investment of INR 100 crore. Notably, this investment will not dilute EIL’s existing shareholding in EESL, ensuring its continued control over the subsidiary.
The fresh capital infusion will be primarily utilized to fuel the development of EESL’s greenfield lithium-ion battery manufacturing plant in Bengaluru. This facility aims to cater to the growing demand for advanced battery solutions within the Indian electric vehicle market. Additionally, the investment will support EESL’s broader funding requirements, enabling it to accelerate its growth and expansion plans.
Incorporated in March 2022, Exide Energy Solutions is dedicated to the manufacturing and selling of lithium-ion battery cells, modules, and packs. These innovative energy storage solutions are designed to power both electric vehicles and stationary applications, underscoring EESL’s commitment to providing comprehensive battery solutions to meet the evolving needs of the Indian market.