Exide Industries (EIL) has invested Rs 50 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions (EESL), on rights basis. With this investment, the total investment made by the company in EESL stands to Rs 2,502.24 crore. EIL shareholding in EESL remains unchanged at 100%.
EESL is in the process of setting up a green field plant at Bengaluru for manufacturing & selling lithium-ion battery cells, modules and pack business. The equity investment in EESL on a rights basis is to fund the said green field project and meet its various funding requirements.
Exide Industries was incorporated in January 1947 as Associated Battery Makers to purchase all or any of the assets of the business of manufacturers, buyers and sellers of and dealers in and repairers of electrical and chemical appliances and goods carried on by the Chloride Electric Storage Company.
