Exide Industries (EIL) has invested Rs 200 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 5,102.23 crore. With the current investment, 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 above green field project and meet its various funding requirements.
Exide Industries is one of the leading manufacturer and distributor of lead acid batteries and storage solutions, committed to providing unparalleled solutions and services for multiple energy applications worldwide.
