Exide Industries has announced a significant investment of over Rs 100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL). The subsidiary specialises in the manufacturing of advanced chemistry battery cells. This announcement was made via a regulatory filing on Thursday.
Exide Industries disclosed that the investment was made through a subscription to the equity share capital of Exide Energy Solutions Ltd on a rights basis. Importantly, this investment did not lead to any alteration in the shareholding percentage of Exide Industries in EESL.
As of the date of the regulatory filing, Exide Energy Solutions Ltd boasted a paid-up equity share capital of Rs 374.40 crore. The company’s net worth stood at Rs 655.20 crore as of 31 March 2023. However, it reported a net loss of Rs 59.81 crore for the fiscal year ending 31 March.
EESL’s core focus lies in the manufacturing of advanced chemistry battery cells, encompassing various form factors, including cylindrical, pouch, and prismatic battery cells. Moreover, the company is actively involved in the manufacturing, assembly, and sale of battery modules, battery packs and related activities.