Exide Industries Ltd, a prominent player in the battery manufacturing industry, has made a substantial investment of over ₹100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd. This subsidiary specializes in the production of cutting-edge chemistry battery cells, signaling a significant move towards advancing battery technology.
In a recent regulatory filing, Exide Industries revealed that this substantial investment was made through a rights-based subscription, resulting in no alteration of the company’s shareholding percentage in Exide Energy Solutions Ltd (EESL).
As of the latest available data, EESL boasts a robust paid-up equity share capital of ₹374.40 crore, with a net worth of ₹655.20 crore as of March 31, 2023. However, the company did experience a net loss of ₹59.81 crore for the fiscal year ending March 31, as detailed in the filing.
EESL’s core expertise lies in the production of advanced chemistry battery cells, catering to various form factors, including cylindrical, pouch, and prismatic battery cells. Additionally, the company is actively engaged in the assembly, sale, and distribution of battery modules, battery packs, and related activities.
Exide Industries’ substantial investment in EESL underscores its commitment to staying at the forefront of battery technology, ensuring a brighter and more sustainable future for energy storage solutions. This move aligns with the industry’s growing emphasis on innovation and environmentally friendly alternatives.
About Exide Industries:
Exide Industries Ltd., headquartered in Kolkata, India, is a prominent Indian multinational company specializing in the manufacturing of storage batteries. It holds the distinction of being the largest producer of lead-acid storage batteries and a leading provider of power storage solutions in India.
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