Exide Industries (EIL) has infused Rs 99.99 crore into its wholly-owned subsidiary, Exide Energy Solutions (EESL), through a rights issue on 26 November, 2024.
The funding will support the development of a greenfield lithium-ion battery manufacturing facility in Bengaluru. This plant is aimed at serving India's growing electric vehicle (EV) market and stationary battery demands. With the latest investment, EIL’s total investment in EESL has reached Rs 3,052.24 crore, ensuring 100 percent ownership of the subsidiary.
EESL, established in March 2022, specialises in producing battery cells, modules, and packs tailored for India's EV sector. This move aligns with Exide’s strategy of scaling its manufacturing capabilities to meet the rising demand for sustainable energy solutions in the country.