Exide Industries Limited has approved an equity investment of Rs 1 billion in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL). This funding has been made in exchange for equity shares, and the company’s shareholding in EESL remains unchanged at 100 per cent. This brings the company’s total investment in EESL to Rs 37.0223 billion.
The investment is aimed at supporting the development of EESL’s 12 GWh greenfield lithium-ion cell manufacturing facility in Bengaluru and meeting other funding requirements. Phase I of the facility, which includes four production lines with a total capacity of 6 GWh, is expected to commence commercial production by the end of financial year 2025–26.
EESL, incorporated in March 2022, manufactures and sells lithium-ion battery cells, modules, and packs for electric vehicles and stationary storage applications.
